2006 News Story

SABIC posts record profits of $5.11 billion

The Saudi Basic Industries Corporation (SABIC) reported a record profit of SR 19.2 billion [$5.11 billion] for 2005, an increase of 35 percent over 2004, the Saudi Gazette reported today.

SABIC CEO Mohammed Al-Mady said that the record profits are due to price increases in major products, a nine percent increase in overall production capacity to 46.7 million tons, and an overall increase in sales to 36.6 million tons.

Al-Mady praised key successes in 2005, including credit ratings of “A” by Standard & Poor’s and Fitch, the public offering of Yansab shares, and the completion of the Fanar project in third quarter 2005.