Middle East Economic Survey

VOL. LII

No 31

3-Aug-2009

SAUDI ARABIA

SABIC Returns To Profitability In 2Q09

Saudi Basic Industries Corporation (SABIC) returned to profitability in the second quarter of this year, after reporting a first quarter loss its first in several years as its overseas operations were hit heavily by the global recession (MEES, 27 April). However, 2Q09 profit at SR1.8bn ($480mn) was still down 76% on 2Q08s figure. The first quarter loss primarily resulted from writedowns on...