VOL. XLVI

No 26

30-June-2003

SAUDI ARABIA

ENERGY FINANCE

SABIC Profits Climb 60% To $760Mn In 2002

The Saudi Basic Industries Corporation (SABIC) has announced a profit for 2002 of SR2.85bn ($760mn), an increase of 60% against profits in 2001 of SR1.78bn ($475mn MEES, 5 August 2002). The results represent a healthy recovery following the fall of 51% in 2001 from profit levels in 2000 which reached SR3.63bn ($968mn). Total sales for 2002 grew 18% to SR34bn ($9.1bn) from SR28.8bn ($7.7bn) in 2001,...