SAFCO announces SAR1.466bn profit in first nine months of 2007

Notes and media contacts

Othman Al-Humaidi
General Manager, Corporate Communications

About SABIC

Saudi Basic Industries Corporation (SABIC) is one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers, as well as the fourth-largest polyolefins producer.

SABIC's profit rose to a record SR 20.3 billion (US$ 5.4 billion) in 2006, a 6 percent increase on 2005. Sales revenues for 2006 totaled SR 86.3 billion (US$ 23 billion), the highest revenues achieved by the company since its inception. Current assets at the end of 2006 were SR 74 billion (US$ 20.3 billion).

SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in the Middle East, the Americas, Europe and Asia-Pacific and a network of more than 60 global sales offices. SABIC has more than 30,000 employees worldwide.

SABIC has 53 production sites worldwide. In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located at the two largest sites - in Al-Jubail and in Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. SABIC produces in 22 locations in the Americas and 16 locations in Asia-Pacific. In Europe, SABIC has 14 production sites. SABIC's overall production has increased from 27 million metric tons in 2001 to 49.1 million metric tons in 2006.

Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.