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SABIC's financial results for 2000
Feb 7th, 2001
The Industry and Electricity Minister, Hashim Al Yamani, said Tuesday that the Saudi Basic Industries Corporation (SABIC) posted SR3.63 billion profit in the year 2000, a dramatic increase of 113 per cent on the 1999 figure of SR1.707 billion.

In a statement given to the Saudi Gazette, Yamani, who is also Chairman of SABIC, said the profit could be attributed to an improvement in global petrochemical prices and SABIC's improved performance, resulting from several efficiency programs that are being implemented by its management.

SABIC also announced record sales revenues of SR24.6 billion in 2000, much higher than the previous year's SR19.18 billion.

Yamani praised SABIC management's efforts in implementing programs to improve overall efficiency in operation, production and marketing.

SABIC Vice Chairman and Managing Director, Mohammad H Al-Mady, said he was pleased with the financial results.

“SABIC will go ahead with its strategic plans to expand as a global company,” he said, adding that several expansion programs that came on stream last year boosted SABIC's annual production this year.

Al-Mady also said SABIC's Saudization rate has increased by three per cent to 75 per cent of the total work force: “Some manufacturing affiliates have even higher rates of 90 per cent.”
Source: SPA 

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