SABIC records $758 million profits for 2002
Saudi Basic Industries Corporation (Sabic) recorded annual profits of 2.84 billion Saudi riyals ($758.4 million) in 2002, a 60 percent increase over 2001 profits. The company also revealed quarterly profits of SR 806 million ($214.93 million).
Total sales for the year were SR 34 billion compared with SR 29 billion in 2001, an increase of 18 percent. Production in the year rose to 40.6 million metric tons compared with 35.4 million metric tons in 2001, an increase of 14.7 percent.
“An increase in sales volumes and the stability of petrochemical prices have contributed to these encouraging financial results, and I expect this trend to continue for the first quarter of 2003,” commented Vice Chairman and Managing Director of Sabic, Mohamed Al-Mady.
“The acquisition of DSM Petrochemicals, our restructure, our business transformation project (FANAR), and the closure of a number of major long-term contracts have all helped played a role in these successful results,” he added.
Sabic is the largest petrochemicals company in the Middle East. Based in Riyadh. Founded in 1976, the Saudi Arabian Government owns 70 percent of Sabic shares, with the remaining 30 percent held by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council (GCC). — (menareport.com)
© 2003 Mena Report (www.menareport.com)