SABIC earns US$850.6 million in first half of 2003
Posted: 22 July 2003
An increase of 224 per cent over the same period in 2002
Saudi Basic Industries Corporation (SABIC) announced second quarter
net profits of SR 1794 million (US$ 478.4 million), compared to
SR 1396 million (US$ 372.2 million) in the first quarter of this
year, an increase of 29 percent.
First half profits of SR 3190 million (US$ 850.6 million) increased
224 percent over SR 985 million (US$ 262.6 million) earned in the
first half of 2002.
Vice Chairman and Chief Executive Officer Mohamed Al-Mady announced
that the increase in profits for the first half of 2003 was due
to both higher product prices and volumes.
Second quarter prices stabilised, despite a slight weakness in
the early part of the quarter, which was caused largely by global
uncertainty as well as unsettled market conditions in much of Asia
because of market reaction to the SARS outbreak.
In the first half of 2003, the company’s program of continuous
production improvement resulted in production of 19.6 million tons,
a 10 percent increase over same period in 2002.
Sales quantity also increased 10 per cent for the same period to
15.2 million tons.
Al-Mady noted that the increased volumes were due, mainly, to the
addition of SABIC EuroPetrochemicals’ production and sales
in the first half of 2003.
He added that the company also continues to benefit from the implementation
of its Global Enterprise System at the company headquarters in Riyadh;
at business units in Saudi Arabia; and locations in North America,
Europe and Asia.
This integrated solution is already helping SABIC improve customer
relations and expand its competitive capabilities in the global
marketplace.
For more information see www.sabic.com.
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
