Sabic Q1 net profit doubles to US$1.36 billion

Saudi Basic Industries Corporation's net profit up 116% from the same period last year

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By  David Robinson Published  April 20, 2005

(Sabic) said its first-quarter net profit rose by 116 per cent from the same period last year to of SR5.077 billion (US$ 1.354 billion). Sabic said in a statement that first-quarter profits were also up eight per cent from the last three months of 2004. It posted profits of SR4.691 billion ($ 1.251) billion in the last quarter profits of 2004. The firm said its total product output of 11.2 million tonnes was up 12.4 per cent from the first quarter of last year, but down 2.7 per cent from the last quarter of 2004. It attributed the slight decline to scheduled maintenance work. Chief executive officer Mohamed Al Mady said: 'These first quarter profits realized by the company during 2005 reflect the remarkable improving performance in terms of productivity, marketing and developmental processes in parallel with the rise of global prices of most products, and further substantiate Sabic's endeavors to enter new markets and conclude long term contracts with customers.' Total sales increased two percent from the first quarter of 2004 to 8.3 million tonnes. The company posted a record net profit of SR14.25 billion in 2004, a rise of 113 per cent. Sabic, 70 per cent owned by the Saudi government, controls and operates 16 complexes with international firms, producing petrochemicals, fertilisers, steel and plastics. Sabic is the largest company in the Middle East by market capitalisation (at $23.4 billion) and the 11th largest petrochemicals manufacturer in the world. It is a market leader in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers. SABIC's profit rose to a record SR14.25 billion ($3.80 billion) in 2004, a 113 per cent increase on 2003 and the company's highest profit since inception. Sales revenues for 2004 totaled SR68.738 billion ($18.4 billion), an increase of 47 per cent on revenues in 2003.

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