SABIC announces SR 9.556 billion net profit in nine months of 2004

Third quarter 2004 reported profits of SR 4.2 billion (US$ 1.1 billion), an increase of 169% compared to the third quarter 2003 profits and an increase of 41% over the second quarter 2004 profits.

SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady said, "This rise reflects the remarkable increasingly improving company's marketing performance in parallel with the rise of global prices, and further substantiates SABIC's sustained endeavors to manage its expenses and invest more in its capabilities.

"SABIC industrial complexes total production during the nine months of 2004 stood at 29,472 million tons, and sales reported 25,475 million tons, an increase of 12,6% over last year's nine month period. Revenues reported SR 46 billion compared to SR 35 billion revenues in the same period last year, an increase of 31%".

Finally, Mr. Al-Mady praised the efforts exerted by all SABIC employees as well as the cooperation of partners and shareholders. Mr. Al-Mady wished all every success and encouraged sustained efforts to meet the shareholders' expectations and enhance the company's contributions in to the Saudi economy.