The Saudi Arabian Basic Industries Corporation (SABIC) has announced a 60% rise in net profits, to SR2.844 billion ($758.4 million) for the year 2002.
Revealed in its fourth quarter and full year results for the year 2002, the 60% increase in profits indicated strong growth of this company, the largest petrochemical company in the Middle East.
SABIC’s quarterly profits amounted to SR806 million ($214.93 million). Total sales for the year 2002 were SR34 billion compared to SR29 billion a year before, reflecting an increase of 18%.
Commenting on SABIC’s financial results, Vice Chairman and Managing Director, Mohamed Al-Madhi, said: “An increase in sales and the stability of petrochemical prices have contributed to these encouraging results, and I expect this trend to continue during the first quarter of 2003.” He said that production during the same period rose to 40.6 million metric tons, compared to 35.4 million metric tons in 2001, which reflects an increase of 14.7%.
Source: SPA
