SABIC posts 136 percent profit increase for 2003
The Saudi Basic Industries Corporation (SABIC) recorded a 136 percent profit increase in 2003 over figures from the previous year, with turnover reaching 6.71 billion Saudi riyals ($1.79 billion).
Profits for the fourth quarter of 2003 reached SR 1.96 billion, according to a press release. Total sales for the year were SR 47.1 billion compared with SR 34 billion in 2002, an increase of 39 percent.
Production in the year rose to 42.3 million metric tons compared with 40.6 million metric tons in 2002, an increase of four percent.
Based in Riyadh, Saudi Arabia, SABIC was founded in 1976, when the Saudi Government decided to use hydrocarbon gases released in the production of oil as raw material for the production of chemicals, polymers and fertilizers. SABIC has two large industrial sites in the Kingdom with sixteen production complexes. — (menareport.com)
© 2004 Mena Report (www.menareport.com)