Sabic: 60% rise on 2001 profits

Saudi Basic Industries Corporation (SABIC) today announced its fourth quarter and full year results for 2002. Profits for the full year are SR2.844bn (US$758.4m), a 60% increase over the 2001 profits. It revealed quarterly profits of SR806 million (US$214.93 million). Total sales for the year were SR34bn (US$9.06bn) compared with SR29bn (US$7.73) in 2001, an increase of 18%. Production in the year rose to 40.6 million metric tons compared with 35.4 million metric tons in 2001, an increase of 14.7%.

Commenting on SABIC’s financial results, Vice Chairman and Managing Director, Mohamed Al-Mady said: “An increase in sales volumes and the stability of petrochemical prices have contributed to these encouraging financial results, and I expect this trend to continue for the first quarter of 2003. The acquisition of DSM Petrochemicals, our restructure, our business transformation project (FANAR), and the closure of a number of major long-term contracts have all helped played a role in these successful results.

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. I would like to thank all SABIC employees, the Chairman of the Board, and all Board members for their ongoing support.”

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