2003 News Story

SABIC reports sixty percent rise in profits for 2002

The Saudi Arabian Basic Industries Corporation (SABIC) has announced increased net profits to SR2.844 billion (U.S. $758.4 million) for 2002, 60 percent higher than for 2001. Releasing its fourth quarter and full year results for FY 2002, SABIC, the largest petrochemical company in the Middle East, presented the increase as indicating its strong growth, with profits for the fourth quarter of 2002 amounting to SR806 million ($214.93 million). Total sales for the year 2002 were SR34 billion [$9.1 billion] compared to SR29 billion [$7.7 billion] the year before, an increase of 18 percent. Commenting on SABIC's financial results, Deputy Chairman and Managing Director Mohamed Al-Madhi said that an increase in sales and the stability of petrochemical prices had contributed to these encouraging results, and that he expected the trend to continue.