Saturday saw Saudi petrochemical giant Sabic releasing second quarter net profit of 1.81 billion riyals (482.7 million dollars), which came as an improvement on a first quarter loss, but was down 76 percent year-on-year.

It was specified by Saudi Basic Industries Corp that the sharp decline in prices its petrochemicals, minerals and plastics, which occurred because of the global financial and economic crisis, is still adversely affecting it.

Via a statement, the kingdom's non-oil industrial powerhouse informed that a drop from 7.55 billion riyals (2.01 billion dollars) in the second quarter of 2008 was seen in the net profit for the quarter ended June 30.

However, as against the first three months of 2009, the figures had improved from a loss of 974 million riyals (260 million dollars), indicating that conditions in its markets have improved to some extent, including the chief buyer market China.

A fall of 58 percent to 6.22 billion riyals (1.66 billion dollars) was seen in Sabic's revenues from 14.85 billion riyals (3.96 billion dollars) a year ago. However, the revenue was higher from 3.6 billion (960 million dollars) in the three months to March.

A drop in earnings per share for the six months to June 30 was visible - to 0.28 riyals from 4.82 riyals a year earlier.

Net profit for Q2 was a bit above forecasts of 1.5 to 1.7 billion riyals.

The first six months of 2009 saw production increasing one percent to 28.5 million tones; while sales volume edged up two percent to 22.9 million tonnes.

"The earnings report was released after the close of the Saudi stock market on Saturday. Sabic's share price closed the day up 4.37 percent at 65.75 riyals (17.53 dollars)," said a source.