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SABIC earns US$ 417.3m in Q3 2003

Posted: 21 October 2003

Saudi Basic Industries Corporation (SABIC) announced third quarter net profits of SR 1565 million (US$ 417.3 million), compared to SR 1054m (US$ 281.1m) in the same period in 2002, an increase of 49 per cent.

Profits earned in the first nine months of 2003 totaled SR 4755m (US$ 1268m) against SR 2039m (US$ 543.7m) in the same period last year – an increase of 133 per cent.

Vice Chairman and Chief Executive Officer Mohamed Al-Mady announced that the increase in profits was a result of price improvement in most products.

Al-Mady noted that key highlights of the year to date had been the successful implementation of the new Global Enterprise System at company headquarters in Riyadh, as well as sales offices in Europe and Asia Pacific; consolidation of the sales offices in Europe was underway; and expansion projects at plants in Saudi Arabia continued.

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Posted by Richard Price, Editor

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