Saudi's petrochemical giant SABIC posted a record $6.5 billion in revenue and a $968 million net profit for the year 2000, up 113 percent from 1999, Saudi Industry Minister Hashem bin Abdullah Yamani said Monday.
The state-owned company's "revenues reached $6.5 billion, a record since the Saudi industrial group was founded in 1976," said Yamani, who also chairs the company's board of directors.
SABIC has 19 branches, most of them in partnerships with foreign companies, 16 of which are based in Saudi Arabia. The other three are in Bahrain.
Petrochemistry and steel are the main activities of SABIC, the Saudi Arabian Basic Industries Corporation.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com )