Saudi Basic Industries Corp (Sabic) net profit second-quarter 2011

Saudi Basic Industries Corp (Sabic) net profit second-quarter 2011 : Saudi Basic Industries Corp. (2010.SA), or Sabic, the Middle East's largest listed company, said Saturday its second-quarter net profit surged 61% to 8.1 billion Saudi riyals ($2.2 billion) on increased production and sales, driven by a recovery in demand and low raw materials costs.

The result was well above analyst expectations at Credit Suisse and Riyadh- based NCB Capital, which had expected Sabic to post a second-quarter net profit of SAR7.16 billion and SAR7.69 billion respectively.

First-half earnings per share came in at SAR5.26, compared with SAR3.48 a year earlier, the plastics, chemicals and metals company said in a statement posted on the Saudi bourse website.

Sabic attributed the rise in quarterly profit to an increase in production and sales volumes as well as an improvement in prices for most of the products. For the latest updates PRESS CTR + D or visit Stock Market news Today

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