World leader
Posted: 18 June 2007
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The Saudi Arabian Basic Industries Company (Sabic) made record income in 2006 as it pushed ahead with an ambitious expansion programme to maintain its position as a world leader in petrochemical production.
The government-controlled company said expansions at its key facilities in Saudi Arabia are being carried out along with plans to upgrade its presence in other countries, mainly China , where it is setting up a local company to market its products.
“Sabic has had another year of strong and successful achievement. We remain well positioned in what continues to be a robust, resilient and steadily growing global economy. And our strategy continues to deliver the increasing market share we seek,” said Mohamed H. Al-Mady, vice chairman and CEO.
“In 2006, Sabic reported a record net income of $5.4billion compared to $5.1 billion in 2005, an increase of 6%. This is our highest income since inception.
“Our total operating profits amounted to $9.4billion compared to $8.8 billion in 2005, an increase of 7%.”
Total production of Sabic’s manufacturing complexes stood at around 49.1 million tonnes compared with 46.7million tonnes in 2005, an increase of 5%. A total of 38.5 million tonnes was marketed compared with 36.6million tonnes in the previous year. Sales revenues hit $23 billion compared with $21 billion in 2005, an increase of 10%. |
