Sabic posts US$1.67bn in net profit

08 April 1996 00:00  [Source: ACN]

SAUDI Basic Industries Corp (Sabic) reported a record net profit of more than Riyal 6.28bn (US$1.67bn) in 1995, a Riyal 2.2bn increase over 1994.

Sales for the year were Riyal 23.59bn, up 34% on the back of a 3.9% rise in sales volume to 17.26m tonne last year. Total production also reached an all-time high of 21.95m tonne, up 5% from 1994.

The company's expansion projects are on schedule and Sabic is confident of achieving an output of 25m tonne/year by 2000, said vice-chairman and managing director Ibrahim Ibn Salamah.

Sabic is also introducing a range of new products, many of which will be produced for the first time in the Middle East.

These include 2-ethyl hexanol at Samad and polyester fibres and textile chips at Ibn Rushd. They will be augmented later by PTA and a range of aromatics, including benzene, paraxylene, orthoxylene and metaxylene.

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