Sabic results show improvement

01 November 2002

Saudi Basic Industries Corporation (Sabic)has reported third-quarter profits of SR 1,054 million ($281.1 million) and net profits of SR 2,039 million ($543.7 million) for the first nine months of 2002, representing a 9 per cent increase on the corresponding period of 2001.

Third-quarter profits were 55 per cent higher than in the second quarter, reflecting improved petrochemical prices, higher sales and the consolidation of DSM Petrochemicalsinto Sabic accounts after its purchase in April. Sabic EuroPetrochemicals, as it is now known, contributed SR 2,500 million ($666.7 million) to the third-quarter figures.

Sales for the three quarters were SR 24,000 million ($6,400 million), representing an increase of 3 per cent over the first three quarters of 2001. Year-on-year production increased by 15 per cent to 30.3 million tonnes.

Sabic, which in mid-October celebrated its 25th anniversary with the inauguration of a new headquarters, aims to increase production to 48 million tonnes a year by 2010.

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