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
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
“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