1996 News Story

SABIC listed in top twenty chemical firms worldwide

The Board of Directors of Saudi Arabian Basic Industries Corporation (SABIC) met today under its Chairman Dr. Hashem Yamani, Minister of Industry and Electricity, who stated after the meeting that the performance of SABIC continues to be excellent, with net profits of more than SR 3.4 billion (U.S. $ 0.9 billion) during the first nine months of this year.

Meanwhile, SABIC has been listed number eleven among major international chemical firms for the year 1995, according to a classification published by the British magazine ‘Chemical Insight’, in terms of performance, profitability, productivity, and financial acumen.   In terms of profits, SABIC ranked eighth in the list, after realizing a net profit of U.S. $ 1.67 billion in 1995, an increase of 45.5 percent over the 1994 figure, out of a total sales value of U.S. $ 6.3 billion, which was 34.8 percent greater than that in 1994.   In terms of productivity and the efficiency of its personnel, SABIC was ranked number three, with U.S. $ 520,599 worth of sales for each employee.   The number of employees rose in 1995 by 5.3 percent to reach 12,048, with the opening of new expansion projects.