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Sabic Reports a Huge Rise in Second-Quarter Profits

11:01 AM MDT | July 19, 2011 | Natasha Alperowicz

Sabic's second quarter net income rose 61% to SR8.1 billion ($2.16 billion) over the same period of last year and was up 5% on the first quarter of this year when net income reached SR7.69 billion. The company beat Reuters’ consensus estimates of SR7.1 billion for the quarter.  Gross operating profit in the second quarter was 39% higher year-on-year at SR16.49 billion while operating income was 45% higher at SR13.28 billion.

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