Sabic records profit of US$3.8 Billion in 2004

17-Feb-05

Saudi Basic Industries Corporation (SABIC) has recordede highest ever profit earned since its inception. SABIC announced a record profit for the year in its unaudited Q4 and annual results for 2004. Net profit for the year recorded an increase of 113% over 2003, at SR 14.247 billion (US$3.8 billion). Profits for Q4-2004 was SR 5954 billion (US$1.59 billion). Production in 2004 stood at 42.9 million mt and total sales during this period stood at 33.3 million mt. The sales revenues reached the highest ever figure of SR 68,7 billion (US$18.4 billion) making SABIC the largest industry in the Middle East in terms of revenues. The company attributes this to its continuous focus on production, technology up-grading, reduction in operation costs and improved services in marketing and customer development. Projects designed to integrate SABIC's diverse business activities also played a significant role.