2003 News Story

SABIC posts profits for third quarter of FY 2003

Saudi Basic Industries Corporation (SABIC) yesterday announced third quarter net profits of SR1.57 billion (U.S.$417.3 million), compared to SR1.05 billion ($ 281.1 million) in the same period in 2002, an increase of 49 percent. Profits earned in the first nine months of 2003 totaled SR4.76 billion ($1.27 billion) against SR2.04 billion ($543.7 million) in the same period last year - an increase of 133 percent. The increase in profits was a result of a rise in prices of most of its products.