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Sabic Reports a Huge Rise in Second-Quarter Profits

12:19 PM MDT | July 22, 2011 | NATASHA ALPEROWICZ

Sabic’s second-quarter net income rose 61%, to a record SR8.1 billion ($2.16 billion), compared with the same period of last year. The company beat analysts’ estimates of SR7 billion-SR7.5 billion for the quarter. Gross operating profits in the second quarter were 39% higher year on year, at SR16.49 billion, and operating income was 45% higher at SR13.28 billion. Second-quarter revenues advanced 26%, to SR49 billion on the year-earlier period and were up 9% on the previous quarter. Al Mady: The firm is interested in investment opportunities in India...

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