1997 News Story

SABIC posts profit for first quarter of 1997

Minister of Industry and Electricity and Chairman of SABIC Dr. Hashim Al-Yamani today announced that Saudi Arabian Basic Industries (SABIC) posted a net profit of SR 1.083 billion (U.S. $ 0.29 billion) for the first three months of this year.  This figure was 5.6 percent less than that for the corresponding period last year, attributable to the drop in price of certain SABIC products on the international market.  Nevertheless, SABIC continues to contribute to the Gross Domestic Product (GDP) and plays a remarkable role in training young Saudis to use modern equipment and machinery.  As for its Saudization program, more than two-thirds of all employees are Saudi, and in some plants the figure is as high as 86 percent.   Total output of SABIC’s various plants reached 5.64 million tons during the first quarter of 1997, as compared to 5.62 million tons during the first three months of 1996.