2001 News Story

SABIC posts high profits for FY2000

The Saudi Arabian Basic Industries Corporation (SABIC) has posted profits of SR 3.63 billion [U.S. $ 0.97 billion] for the fiscal year 2000, a dramatic increase of 113 percent over the 1999 figure of SR 1.71 billion [U.S. $ 0.46 billion]. This rise can be attributed not only to an improvement in global petrochemical prices but to SABIC's improved performance resulting from a number of efficiency programs being implemented by its management. SABIC also announced record revenues from sales of SR 24.6 billion [$ 6.56 billion] in 2000, sharply higher than the previous year's SR 19.18 billion [$ 5.11 billion]. Several expansion programs that came on stream last year also contributed to boosting annual production. SABIC is proud of the fact that 75 percent of the total workforce is Saudi, with some manufacturing affiliates having up to 90 percent.