Saudi Basic Industries Corporation (SABIC) posted a 61 percent increase in net profit during the second quarter of this year to SR8.10 billion compared to SR5.02 billion net received in the same period last year, the company said in a statement posted on Tadawul website Saturday. The net income for the first quarter of 2011 at SR7.69 billion representing an increase of 5 percent, it added. The company said in a statement that the marked increase in profit was due to a rise in production and sales volume and improvement in sales prices for most of the products in the second quarter of this year. SABIC also announced the distribution of SR6,000 million in cash dividends (SR2 per share) for the first half of 2011. Payment of cash dividends is on Aug. 6, 2011. Mohamed Al-Mady, Vice Chairman and CEO of SABIC, said that the distribution of cash dividends is based on the company's keenness for shareholders to realize remunerative returns. Net income for the six months ended June 30, 2011 amounted to SR15.79 billion compared to the net income of SR10.45 billion for the same period in the preceding year, an increase of 51 percent. Earnings per share for the six months covered amounted to SR5.26 compared to SR3.48 for the same period in 2010. The gross operating profit for the quarter ended June 30, 2011 amounted to SR16.49 billion compared to the same quarter in 2010 of SR11.85 billion, representing an increase of 39 percent. The income from operations for the second quarter jumped 45 percent, amounting to SR13.28 billion, compared to SR9.14 billion for the same quarter in 2010. The gross operating profit for the six months reached SR31.92 billion, compared to SR24.05 billion for the same period in 2010, an increase of 33 percent. Income from operations in first half was SR25.78 billion, compared to SR18.84 billion for the same period in 2010, an increase of 37 percent.
