Saudi Basic Industries Corp. said late last week its net profit in the first nine months of 2000 tripled to 3 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)
© Agence France Presse 2000