These profits included SABIC Innovative Plastics' results for the last 4 months of 2007. According to preliminary results of the fiscal year ending December 31, 2007, the operating profits stood at SR41bn compared to SR31bn in 2006, an increase of 32%.
Prince Saud Ibn Abdullah Ibn Thenayan Al-Saud, Chairman of SABIC said: "The increase in profits was in parallel with an increase in profit per share to SR10.81 compared to SR8.12 last year. This increase occurred due to a 15% increase in sales and the rise of global prices of key products."
"The company's net profits reported for the 4Q 2007 amounted to SR6.87bn compared to SR6.12bn in the same period last year, an increase of 12%."
The Prince lauded the efforts of the members of the board as well as all SABIC and affiliates' employees, the collaboration of shareholders, customers and suppliers.
The SABIC board, at its recent meeting, decided to recommend to the General Assembly at its meeting scheduled for end of March 2008 to approve increasing the company's capital from SR25bn to SR30bn by granting one bonus share for each 5 shares and distribution of cash dividends at SR2 for each one share for the 2Q 2007. Eligibility will be for the owners of shares registered in "Tadawul" on the closing of the business day of the General Assembly's meeting.
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Sabic profits for 2007 hit unprecedented SR27bn
- Saudi Arabia: Sunday, January 20 - 2008 at 08:40
- PRESS RELEASE
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The Saudi Basic Industries Corporation (SABIC) reported profits for its operations during 2007, amounting to SR27bn, compared to SR20.3bn in 2006, an increase of 33%.
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Posted by Anne-Birte Stensgaard, Senior News EditorSunday, January 20 - 2008 at 08:40 UAE local time (GMT+4)
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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 SR20.3bn ($5.4bn) in 2006, a 6% increase on 2005. Sales revenues for 2006 totalled SR86.3bn ($23bn), the highest revenues achieved by the company since its inception. Current assets at the end of 2006 were SR74bn ($19.7bn).
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 SABIC Innovative Plastics was launched as a global supplier of specialty plastics. SABIC has significant research resources and has dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific with customers in more than 100 countries. SABIC has more than 30,000 employees 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 15 locations in Asia-Pacific. In Europe, SABIC has 15 production sites. There is an additional site in Turkey. 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.
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 SR20.3bn ($5.4bn) in 2006, a 6% increase on 2005. Sales revenues for 2006 totalled SR86.3bn ($23bn), the highest revenues achieved by the company since its inception. Current assets at the end of 2006 were SR74bn ($19.7bn).
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 SABIC Innovative Plastics was launched as a global supplier of specialty plastics. SABIC has significant research resources and has dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific with customers in more than 100 countries. SABIC has more than 30,000 employees 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 15 locations in Asia-Pacific. In Europe, SABIC has 15 production sites. There is an additional site in Turkey. 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.
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