The Saudi Basic Industries Corporation (SABIC) has reported net preliminary consolidated profits of SR 21.71 billion for the first nine months of 2008, an increase of 8 percent, compared to the SR 20.16 billion net profit in the same period last year. Profit per share is SR 7.24 compared to SR 6.72 in the same period last year (based on the number of existing shares of 3 billion), an increase of 8 percent. SABIC has also reported consolidated preliminary operating profits of SR 35.58 billion for the third quarter (3Q) of 2008, compared to SR 29.64 billion in the same period last year, an increase of 20 percent over the 3Q-2007. This increase is due to an improvement in the prices of most key products in line with an increase of volume of productivity and sales by 4 percent and 3 percent respectively. 3Q2008 reported net profits of SR7.24 billion compared to SR 7.39 billion for the same quarter last year, a decrease of 2 percent, SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady disclosed in a latest press statement carried by the Corporation's web-site.
