Sabic: US$281.07 million profit in third quarter of 2002
Saudi Basic Industries Corporation (SABIC) today announced its third quarter results of 2002. It revealed quarterly profits of SR1.054 billion (US$281.07 million), an increase of 55% compared with Q2 2002. Profits for the year to date are SR 2.039 bn (US$543.73m), a 9% increase over the same period last year.
Total sales for the first three quarters of 2002 were SR24bn (US$6.4bn) an increase of 3% over the same period in 2001. Following the acquisition of DSM Petrochemicals (now SABIC EuroPetrochemicals) earlier this year, these figures have now been consolidated into SABIC’s balance sheet. In Q3 2002 SABIC EuroPetrochemicals contributed SR2.5bn (US$666.67m) to total SABIC sales. This equates to roughly 10%.
Production in the first three quarters of 2002 has increased to 30.3 million metric tons compared with 26.3 million metric tons in the same period of 2001.
Commenting on SABIC’s financial results, Vice Chairman and Managing Director, Mohamed Al-Mady said: ‘An increase in sales volumes, petrochemical prices, and oil prices have all contributed to these figures which are the first set of SABIC financial results that have incorporated information from SABIC EuroPetrochemicals. This, our 25th anniversary year, has seen SABIC undergo tremendous change as we continue towards our vision of becoming a leader in the global petrochemicals industry.’