Product category:
Oil, Gas, Petrochemical Industry News
News Release from: SABIC
Edited by the Processingtalk Editorial
Team on 21 July 2005
SABIC first half record results
Saudi Basic Industries Corporation (SABIC) reported 1st half 2005 net profits of SR 9.84 billion (US$2.6 billion), an increase of 84% compared to the profits in the same period last year
Saudi Basic Industries Corporation (SABIC) reported 1st half 2005 net profits of SR 9.84 billion (US$2.6 billion), an increase of 84% compared to the profits in the same period last year Second quarter 2005 reported profits were SR 4.76 billion (US$1.3 billion) compared to SR 5 billion (US$1.35 billion) profits in the 1Q2005
This article was originally published on Processingtalk on 18 Jul 2003 at 8.00am (UK)
Related stories
Air separation plant contract for Air Products
National Industrial Gases Company, Saudi Arabia, has awarded a turnkey contract for the engineering, procurement and construction of an air separation plant to Air Products
Middle Eastern Petrochemical industry growth
Mohamed H Al-Mady, SABIC CEO, discusses the evolution of the Middle Eastern petrochemical industry at the National Petrochemical and Refiners Association Conference 2004
SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady said, "These corporate operational profits reflect the SABIC sustained endeavors in managing its expenses and investing more in its capabilities to boost and optimise its production and marketing processes.
This rise reflects the remarkable increase in the company's marketing performance in parallel with the rise of global prices compared to the 1st half of last year.
Despite the rise in the volume of sales, the decrease in the company profits in the 2Q2005 compared to the 1Q2005, is primarily attributed to the drop in the global prices of most petrochemical products.
Global prices have once again started to rise from this month.
"SABIC reported 1st half 2005 revenues of SR 37 billion (US$9.87 billion) compared to SR 29 billion (US$7.73 billion) revenues in the same period last year.
SABIC total production during the first half of 2005 stood at 22.5 million metric tons, an increase of 10% over the previous year.
This follows the United affiliates phase I going on stream, adding more than 2 million MT annually to production figures.
Sales were 17.4 million metric tons, an increase of 10% over the same period last year.
"Work is now underway to implement the SABIC expansion plans to reach an annual capacity of 60 million MT by 2008.
SABIC will continue to utilise investment opportunities locally and worldwide in order to achieve the best returns for Saudi Arabia and SABIC shareholders.
It is worth mentioning that the SABIC Board of Directors at its meeting on June 6, 2005, endorsed payment of cash dividends for the 1st half 2005 at SR 8 (US$2.13) per share.
This will be effective from Saturday July 23, 2005.
• SABIC: contact details and other news
• Email this article to a colleague
• Register for the free Processingtalk email newsletter
• Processingtalk Home Page
