Saudi Sabic nine-month net triples to $800 million

Published November 6th, 2000 - 02:00 GMT

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

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