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Oil, Gas, Petrochemical Industry News
News Release from: SABIC
Edited by the Processingtalk Editorial
Team on 27 October 2003
Sabic earns USD 417.3 million in Q3 2003
Saudi Basic Industries Corporation (Sabic) today announced third quarter net profits of SR 1565 million (USD 417.3 million), an increase of 133 percent over 2002
Saudi Basic Industries Corporation (Sabic) today announced third quarter net profits of SR 1565 million (USD 417.3 million), compared to SR 1054m (USD 281.1m) in the same period in 2002, an increase of 49 percent Profits earned in the first nine months of 2003 totaled SR 4755m (USD 1268m) against SR 2039m (USD 543.7m) in the same period last year - an increase of 133 percent
Vice Chairman and Chief Executive Officer Mohamed Al-Mady announced that the increase in profits was a result of price improvement in most products.
Al-Mady noted that key highlights of the year to date had been the successful implementation of the new Global Enterprise System at company headquarters in Riyadh, as well as sales offices in Europe and Asia Pacific; consolidation of the sales offices in Europe was underway; and expansion projects at plants in Saudi Arabia continued.
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