Wednesday, October 10, 2007

SABIC scans more overseas markets amid record profits

by Moussa Ahmad from Business Intelligence-Middle East

With the construction boom at home and a growing market for petrochemicals abroad, Saudi Basic Industries Corp (SABIC) has gone into expansion mode in order to cope with escalating demands. State-controlled SABIC, the world’s largest chemical company by market value, probably posted a near 30% increase in net income in the three months ending September 30 to SAR7.03 billion ($1.88 billion), according to the survey of three analysts. It is likely that SABIC will post its fifth consecutive record profit in the third quarter as surging demand for chemicals in China and India spurred prices, a Reuters survey of analysts shows. SABIC ranks as the 13th largest company in the world in terms of market capitalisation, according to a study conducted by Bloomberg.

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