Saudi Basic Industries Corporation (SABIC) reported third quarter 2003 net profits of 156.5 million Saudi riyals ($417.3 million), compared to SR 105.4 million in the same period in 2002, an increase of 49 percent.
Profits earned in the first nine months of 2003 totaled SR 475.5 million against SR 203.9 millionin the same period last year, an increase of 133 percent.
Vice Chairman and Chief Executive Officer Mohamed Al-Mady announced that the increase in profits was a result of price improvement in most products. He noted that key highlights of the year to date had been the successful implementation of the new Global Enterprise System at company headquarters in Riyadh, as well as sales offices in Europe and Asia Pacific, consolidation of the sales offices in Europe was underway and expansion projects at plants in Saudi Arabia continued.
SABIC is based in Riyadh, Saudi Arabia and was founded in 1976, when the Saudi Arabian Government decided to use hydrocarbon gases released in the production of oil as raw material for the production of chemicals, polymers and fertilizers. The Saudi 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)
