22 January 2007 02:58 [Source: ICIS news]
SINGAPORE (ICIS news)--Saudi Arabian petrochemical major SABIC said on Sunday that its 2006 operating profits rose by 7% year-on-year due to higher product prices and an increase in sales.
It recorded operating profits of riyal (SR) 35.3bn ($9.4bn) in 2006 compared to SR33.1bn in 2005 while sales revenue rose by 11% to SR86.5bn over the same period.
The company said that these were the highest revenues posted since its inception.
Net profit for 2006 was SR20.3bn, a 6% increase compared to SR19.2bn in 2005.
SABIC posted fourth quarter net profits of SR6.1bn, 36% up year-on-year.
Company chairman Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud said that SABIC had completed its strategic plan for 2020, which would help it meet high growth rates, diversify and introduce value-added products.
On 29 December 2006, SABIC completed the acquisition of Huntsman’s
The company said that the purchase would contribute, alongside other expansion projects at Yansab, Sharq, Ar-Razi, Saudi Kayan and Sabic Europe, to increasing its production capacity to 73m tonnes by 2009.
($1 = SR3.8)
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