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SABIC goes through a growth spurt

The backbone of Saudi Arabia's industrial complex saw 67% growth in net profit in the first half.

Saudi Basic Industries Corporation (SABIC) has reported a massive 67% year on year increase in first half net profit, which came in at a whopping SR5.34 billion (US $1.424 billion.)

Revenue increased by 21%, reaching SR29 billion (US $7.73 billion)

“The profits reflect improvements in performance, productivity and marketing in parallel with price rises of most products around the world,” said Mohamed Al-Mady, vice chairman and chief executive officer.

“They substantiate SABIC’s efforts to enter new markets and conclude long-term contracts with customers."

Product sales reached 15.8 million metric tons in the first half of 2003. The company plans to invest US $6.4 billion to increase manufacturing capacity to 60 million metric tons annually by 2008.

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