Saudi Arabia’s largest industrial conglomerate, SABIC (Saudi Basic Industries Corporation), has recently announced that it had established a new product development subsidiary, Al-Hayat daily reported.
SABIC is 70 percent owned by the state and 30 percent by private Saudi investors. Created in 1976, this industrial giant maintains controlling interest in 16 manufacturing companies, and exports its products to over 100 states throughout the world. The conglomerate manufactures over 40 types of products, including chemicals, petrochemicals, fertilizers, metals, plastics and industrial goods.
In the first quarter of 2001, SABIC reported it had earned a net profit of 724 million Saudi riyals ($193 million), compared with last year’s fourth quarter earnings of SR 629 million ($167.7 million) and a first quarter profit of SR 924 million ($246.3 million). In March 2001, the company’s board of directors has recommended payment of dividends totaling SR 1.33 billion ($355.55 million), up from the $143 million it had distributed in 1999. ― (MENA Report)
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