The Saudi Basic Industries Corporation (SABIC) has reported net profits of $1.4 billion [SR 5.4 billion] for the third quarter of 2006.
According to an October 16 press release, the numbers are the highest-ever for a single quarter since the company was established, and represent an increase of 19 percent over the second quarter of 2006.
SABIC Vice Chairman and Chief Executive Officer Mohamed Al-Mady said the operating profits of the first nine months of the current year total $6.6 billion [SR 24.8 billion], compared to $6.58 billion [SR 24.7 billion] for the same period last year.
Al-Mady added that the recent profits reflect an improvement in the prices of most products as well as an 8 percent increase in sales from the same period in the previous year.
SABIC is the largest public company in the Middle East and one of the world’s 10 largest manufacturers of petrochemicals. It is a world market leader in the production of polyethylene, polypropylene, glycols, methanol, MTBE, fertilizers and polymers. It recently acquired Huntsman Petrochemicals for $700 million.