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Sabic Posts Record Quarterly Revenue as Exports, Oil Rise (2)

17/07/2011 02:23:10 PM GMT   Comments ()     Add a comment   Print     E-mail to friend

Sabic Posts Record Quarterly Revenue as Exports and Oil Rise

Mohamed Al-Mady, vice chairman and chief executive officer of Saudi Basic Industries Corp. (SABIC), speaks during the U.S.-Saudi Business Opportunities Forum in Chicago. Photographer: Tim Boyle/Bloomberg

Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals company, reported record revenue in the second quarter as exports rose and crude oil traded at a two-year high amid rising demand from Asia.

Saudi Basic, majority owned by the kingdom’s government, had a revenue of 49 billion riyals ($13 billion) in the quarter, Chief Financial Officer Mutlaq Al-Morished told reporters in Riyadh today. The median estimate of three analysts was for a revenue of 46.3 billion riyals, according to data compiled by Bloomberg.


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