Reuters reported that Saudi Basic Industries Corporation posted 61% rise in Q2 net profit due to increases in output and prices.

SABIC beat analysts' forecasts with net profit of SAR 8.1 billion in the three months to end June compared with SAR 5 billion a year earlier.

Analysts surveyed by Reuters on average had expected a net profit of SAR 7.1 billion for the quarter. The company attributed the rise in profit to increases in production and sales and higher prices for most of its products.

The main reason for the second-quarter profit increase compared to the same period a year earlier is increased sales and improved prices of some products. The company proposed a dividend of SAR 2 per share for the H1 of 2011. Operational profit for the second-quarter rose by 45% to SAR 13.3 billion.

(Sourced from Reuters)