RIYADH, 28 January 2004 — Saudi Basic Industries Corporation (SABIC) yesterday announced its unaudited fourth quarter and full year results for 2003. Profits for the full year are SR6.716bn ($1.79bn), a 136 percent increase over 2002 profits.
SABIC also revealed quarterly profits of SR1.961 billion ($523 million). Total sales for the year were SR47.1bn ($12.56bn) compared with SR34bn ($9.06bn) in 2002, an increase of 39 percent.
Production in 2003 rose to 42.3 million metric tons compared with 40.6 million metric tons in 2002, an increase of 4 percent.
Commenting on SABIC’s financial results, Vice Chairman and CEO, Mohamed Al-Mady said: “I am delighted to announce these financial results — and SABIC’s highest ever profit. The year 2003 saw continued expansions of our plants as well as new production programs.
SABIC continues to study opportunities in the Middle East, Asia, and the Americas in order to further promote its global business, and link more closely to its customers.
I would like to thank all SABIC employees, the chairman of the board, and all board members for their support.”