RIYADH, 22 July 2004 — Saudi Basic Industries Corporation (SABIC) yesterday reported first half 2004 net profits of SR5.34 billion, an increase of 67 percent compared to the same period in 2003.
This year’s second quarter profits were SR2.99 billion compared to SR2.350 billion in the first quarter of the year, showing an increase of 67 percent over the second quarter last year.
“The profits reflect improvements in performance, productivity and marketing in parallel with price rises of most products around the world. They substantiate SABIC’s efforts to enter new markets and conclude long-term contracts with customers,” said SABIC’s vice chairman and CEO, Mohamed Al-Mady.
“Sales revenues surpassed SR29 billion, an increase of 21 percent over the same period in 2003. Product sales of 15.8 million metric tons were an increase of 8 percent over the same period last year,” he said.
“SABIC is enhancing its global competitiveness through a series of expansion projects and increases in productivity. Investments in such projects are close to SR24 billion with a target of 60 million metric tons of production by 2008,” he added.
SABIC, 70 percent owned by the Saudi government, controls and operates 16 complexes with international firms, producing petrochemicals, fertilizers, steel and plastic.
Company shares closed at SR510 on Tuesday, a year-high closing price.