VOL. XLVI

No 5

3-February-2003

SAUDI ARABIA

SABIC Boosts 2002 Profits 60% To $758Mn

Saudi Basic Industries Corporation (SABIC), the Saudi industrial conglomerate, has announced a full-year profit for 2002 of SR2.844bn ($758.4mn), a 60% increase over 2001. Total sales rose 17% from SR29bn ($7.73bn) in 2001 to SR34bn ($9.07bn) in 2002, while production increased by 14.7% from 35.4mn tons to 40.6mn tons. SABICs Vice-Chairman and Managing Director, Muhammad al-Mady, said that an increase in sales...