Saudi Sabic nine-month net triples to $800 million
Saudi Sabic Industries Corp. stated that its net profit in the first nine months of 2000 tripled to three billion riyals (about $800 million) from 858 million riyals ($228 million) a year earlier. Sabic deputy chairman Mohamed bin Hamad al-Madi attributed the sharp gain to the rise in the prices of most petrochemical products as well as to a policy of cost cutting.
In July, Sabic announced that profit in the first half had quadrupled to $549.3 million from the period the year before. The company is engaged principally in the petrochemicals industry, but also has interests in metallurgy. — (AFP, Riyadh)
© Agence France Presse 2000