2004 News Story

SABIC reports profits up for FY2003

Saudi Arabian Basic Industries Corporation (SABIC) has reported profits for FY2003 of SR 6,716 million [U.S. $ 1,793.32 million], up from SR 2,848 million [$ 760.48 million] in 2002. The last quarter of 2003 showed a profit of SR 1,961 million [$ 523.83 million], up from SR 806 million [$ 215.22 million] for the same period of 2002. The increase is attributable as much to the success of SABIC's marketing policy and its effort to lower production costs as to improvement in the prices of its products.