Saudi industrial group Sabic nine-month net triples to $800 million

Published October 22nd, 2000 - 02:00 GMT

Saudi Basic Industries Corp. said Friday 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  

 

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