Net income jumped to 8.1 billion riyals ($2.16 billion) from 5.02 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement to the Saudi bourse today. The median estimate of four analysts was for 7.72 billion riyals, according to data compiled by Bloomberg. Sabic will pay a dividend of 2 riyals for the first half.
Saudi petrochemical companies have started to recover from the global financial crisis as oil prices surged and as demand from fast-growing Asian economies including China and India increased. Saudi Arabia’s annual petrochemical exports climbed 39 percent to 4.8 billion riyals in May, according to data posted on the Saudi Ports Authority website.
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