SABIC posts record profit of SR19.2 billion

24-Jan-06

Saudi Basic Industries Corporation (SABIC), Saudi Arabia's petrochem giant, has posted a record profit of SR19.2 billion last year, exceeding the previous record profits of SR14.2 billion by 35%. However, SABIC's Q4 net profits of SR4.5 billion was a downslide by 6% from the previous quarter. Price increases in major products, a rise in overall production capacity to 46.7 million metric tons and an increase in overall sales by 9% to 36.6 million metric tons, have resulted in this stupendous growth.