Sabic '03 net pfts up 136% to Riyal 6.72bn on extra output

27 January 2004 10:30  [Source: ICIS news]

Mohamed Al-Mady

SINGAPORE (CNI)--Saudi Basic Industries Corp (Sabic) announced on Tuesday a 136% increase in 2003 unaudited net profits to a record Riyal 6.72bn ($1.79bn/Euro1.44bn) on the back of increased production and higher product prices.

Sabic, which made a net profit of Riyal 2.84bn in 2002, said sales revenues last year were up 39% to Riyal 47.1bn.

Net profits for the fourth quarter last year were Riyal 1.96bn, more than double the Riyal 806m achieved in October to December 2002.

Sabic explained that production last year rose by 4% to 42.3m tonne from 40.6m tonne in 2002. Sales volumes were up from 29.6m tonne to 33.9m tonne.

Vice chairman and managing director Mohamed Al-Mady said he was delighted with the latest financial results and Sabic's highest ever profit. 

Al-Mady said the company had seen continued expansion at its plants and new production programmes in 2003.

He added that Sabic continued to study opportunities in the Middle East, Asia, and the Americas to further promote its global business and get closer to its customers.

By: James Dallmeyer
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