SABIC reports net profit of US$ 3.8 billion
Saudi Basic Industries Corporation (SABIC) has announced its un-audited fourth quarter and full year results for 2004. The net profit for the year stood at SR 14.247 billion (US $ 3.8 billion), an increase of 113% over 2003. The fourth quarter profit for 2004 was SR 5954 billion (US $ 1.59 billion).
Commenting on these results, Vice Chairman and Chief Executive Mohamed Al-Mady, said, "This is the highest ever profit earned by SABIC since its inception. This was achieved due to our continuous focus on production, technology up-grading, reduction in operation costs and improved services in marketing and customer development. Projects designed to integrate SABIC's diverse business activities also played a significant role.
"SABIC achieved 42.9 million mt of production in 2004 and total sales during this period stood at 33.3 million mt. The sales revenues reached the highest ever figure of SR 68,738 million (US $ 18.4 million) making SABIC the largest industry in the Middle East in terms of revenues.
"I would take this opportunity to thank all SABIC employees, the Chairman of the Board, and all the Board members for their continued support".