SABIC records SAR 27 billion profit for last year

Prince Saud Ibn Abdullah Ibn Thenayan Al-Saud, chairman of SABIC.

Saudi Basic Industries (SABIC) reported profits of SAR 27 billion for its operations during 2007.

This compares to profits of SAR 20.3 billion in 2006, an increase of 33%. These profits included SABIC Innovative Plastics' results for the last 4 months of 2007.

Prince Saud Ibn Abdullah Ibn Thenayan Al-Saud, chairman of SABIC said in a statement: "The increase in profits was in parallel with an increase in profit per share to SAR 10.81 compared to SAR 8.12 last year. This increase occurred due to a 15 percent increase in sales and the rise of global prices of key products."

"The company's net profits reported for the 4Q 2007 amounted to SAR 6.87 billion compared to SAR 6.12 billion in the same period last year, an increase of 12%."

SABIC has also recently signed a memorandum of understanding (MoU) with OSOS Petrochemicals. Subject to this MoU, SABIC will enter as a partner in the OSOS Petrochemicals project at Yanbu industrial city.

The total value of this project is estimated at US $1 billion. SABIC will hold 35% in the joint venture. Products will include the following: Polybutylene terephthalate (PBT), 60,000 tons; Butanediol (BDO), 50,000 tons; Tetrahydrofuran (THF), 3,500 tons; Malic anhydride acid (MAN), 85,000 tons.

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