The Saudi Basic Industries Corporation (SABIC) yesterday announced third quarter net profits of SR1.57 billion ($417.3 million), compared to SR1.05 billion ($281.1 million) in the same period last year, which reflects an increase of 49%.
Profits earned in the first nine months of 2003 totalled SR4.76 billion ($1.27 billion), compared to SR2.04 billion ($543.7 million) in the same period of 2002, an increase of 133%.
Vice-Chairman and Chief Executive Officer of SABIC, Mohamed Al-Mady, said that the increase in profits was a result of price rises for most products.
Source: SPA
