The Saudi Basic Industries Corporation (SABIC) has continued its strong growth for the year, posting a net profit of SR3.35 billion (US $893 million) for the first half of 1995, compared with SR1.35 billion (US $360 million) for the corresponding period of the previous year. Profits for the whole of 1994 totaled SR4.2 billion (US $1.12 billion).
The figures, said Ibrahim A. Ibn Salamah, Vice-Chairman and Managing Director, reflected the continued improvement in world markets, together with expansion and restructuring of the Corporation's affiliates and strong growth in SABIC's global marketing operations.
Sales revenues for the first half of this year were substantially up on the SR6 billion (US $1.6 billion) for the first six months of 1994, at SR10.2 billion (US $2.72 billion).
Last year, SABIC's production of chemicals, fertilizers, plastic resins, metals and gases reached an all-time high of 20.76 million metric tons. With new plant and expansions coming onstream throughout 1995, the Corporation anticipates continued growth output.