SABIC net profits up by 67%
Saudi Basic Industries Corporation, SABIC, Thursday reported first half 2004 net profits of SR5.34 billion (US$1.424 billion), an increase of 67 percent compared to the same period in 2003.
Second quarter profits in 2004 were SR2.99 billion (US$797.8 million) compared to SR2.350 billion (US$626.6 million) in the first quarter of the year, an increase of 67 percent over the second quarter of 2003.
Vice Chairman and Chief Executive Officer, Mohamed Al-Mady commented “The profits reflect improvements in performance, productivity and marketing in parallel with price rises of most products around the world. They substantiate SABIC’s efforts to enter new markets and conclude long-term contracts with customers.
“Sales revenues surpassed SR29 billion (US$7.73 billion), an increase of 21 percent over the same period in 2003. SABIC continues to be the company with the largest sales revenues in the Middle East. Product sales of 15.8 million metric tons were an increase of 8 percent over the same period in 2003.
“SABIC is enhancing its global competitiveness through a series of expansion projects and increases in productivity. Investments in such projects are close to SR24 billion (US$6.4 billion) with a target of 60 million metric tons of production by 2008." (menareport.com)
© 2004 Mena Report (www.menareport.com)