2000 News Story

SABIC reports high profits so far this year

The Saudi Arabian Basic Industries Corporation (SABIC) announced today that over the first nine months

of 2000 it had achieved profits valued at SR 3 billion [U.S. $ 0.8 billion] as compared with SR 858 million

[U.S. $ 228.8 million] over the same period in 1999. The value of SABIC's sales have exceeded SR 18

billion [U.S. $ 4.8 billion] this year, a 44 percent increase over last year's figure. The increase in profits is

attributable to the improvement in prices of most petrochemicals in international markets. The volume of

production, moreover, increased by 11 percent to 20.7 million tons.