Saudi Arabia Basic Industries (SABIC) increased its profits in the first half 2011 by 51% to $4.21bn, compared to $2.77bn in the same period year ago, the company said in statement.
The company attributed the increase of profits to the improvement of sales volumes and soaring of product prices.
In the second quarter, the company reported profit of $2.16bn compared to $2.05bn in Q1 in 2011.
During the first half of 2011, SABIC has announced many projects inside and outside the Kingdom including a polycarbonate project with Sinopec in China, and a carbon fiber project in KSA, along with an MMA project with Mitsubishi Rayon Company (MRC).
The company has also awarded contracts, sign technology agreements for proposed new elastomers project with ExxonMobil Chemical.