SABIC reports surge in profits
January 21, 2010
The financial performance of Saudi Basic Industries Corporation (SABIC) during the last quarter exceeded expectations, Deputy Chairman of the Board of Directors and Chief Executive Officer of SABIC, Mohammed Al-Madhi, said at a press conference in Riyadh yesterday. Data released by the company on Tuesday shows that SABIC recorded a net profit of SR 4.58 billion [$1.22 billion] in the fourth quarter of 2009, as compared to SR 310 million [$82.66 million] for the same quarter in 2008 – an increase of 1,377 percent. The increase is due to a rise in the prices of and quantities sold of most petrochemical, plastic and metal products.
Al-Madhi noted that SABIC’s high growth in sales and production confirms its ability to overcome the effects of the global financial crisis. He pointed out that SABIC continues to maintain its strong financial position, which it demonstrated by retaining its high credit rating.
Upon release of the 2009 financial data, SABIC Chairman Prince Saud bin Abdullah bin Thenayan Al-Saud praised the company’s excellent corporate operating performance. “SABIC has performed admirably this year in the face of unusual market conditions and has the financial strength and strategy to take advantage of opportunities that emerge during economic turbulence,” he said.