The Saudi Basic Industries Corporation (Sabic) has achieved a 123 percent increase in quarterly earnings with a net profit of 680 million Saudi riyals ($181.33 million) for the second quarter of 2002. The net profit for the first half of the year dropped to SR 985 million ($262.66 million) from SR 1.5 billion ($400.4 million) earned in the corresponding period of 2001.
According to Vice Chairman and Managing Director of Sabic, Mohamed Al-Mady the increase in quarterly profit is due to a slight improvement in petrochemical prices since the first three months of the year. However, he pointed out that prices were still lower than the first half of 2001.
Sabic achieved a four percent increase in production resulting in total output of 17.8 million metric tons for the first half of 2002. Marketed tonnage increased during the period by five percent to 14 million metric tons. Al-Mady added that the recent acquisition of Sabic EuroPetrochemicals will result in increased operating and marketing activity, especially in Europe. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
