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
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.
For more inforamation see http://www.sabic.com.
Posted by Richard Price,
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