Saudi Basic Industries Corporation (Sabic) maintained its profits momentum, reporting first-half 2004 net profits of SR5.34 billion ($1.42 billion), an increase of 67 percent compared with the same period in 2003.

Second-quarter profits in 2004 were SR2.99 billion compared with SR2.3 billion in the first quarter of the year, an increase of 67 per cent over the second quarter of 2003.
“The profits reflect improvements in performance, productivity and marketing in parallel with price rises of most products around the world,” said vice chairman and CEO Mohamed Al Mady.
 “They substantiate Sabic’s efforts to enter new markets and conclude long-term contracts with customers.”
Sales revenues surpassed SR29 billion, an increase of 21 percent over the same period in 2003.  The company continues to enjoy the largest sales revenues in the Middle East. Product sales of 15.8 million tonnes were an increase of eight per cent over the same period in 2003.
“Sabic is enhancing its global competitiveness through a series of expansion projects and increases in productivity.  Investments in such projects are close to SR24 billion with a target of 60 million tonnes of production by 2008,” said Al Mady. 
In 2003 Sabic had posted sales of approximately SR47.1 billion and a net profit of approximately SR6.71 billion.
Founded in 1976, the company is owned 70 per cent by the Saudi government.