Saudi Basic Industries Corporation (SABIC) announced on Monday its fourth quarter and full year results for 2003. Profits for the full year are SAR6.716 billion ($1.79 billion), a 136% increase over the 2002 profits.
According to its website, SABIC is the number one company in the Middle East by market capitalization at $23.4 billion. SABIC is now the eleventh largest petrochemicals manufacturer in the world, third in polyethylene production and sixth in polypropylene. “We hope to become the fifth largest [petrochemicals] company in the world,” said Muhammad Al-Madi, vice-chairman and CEO of SABIC to the Saudi daily Al-Watan.
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Al-Madi
SABIC is owned by the Saudi government (70%) and the private sector (30%). Private sector shareholders are from Saudi Arabia and other countries of the six-nation Gulf Cooperation Council (GCC).
The company intends to invest more capital in interior and exterior investments, said Al-Madi, explaining the increase in profits in 2003 was due to the use of new technology.
SABIC is exploring business possibilities in the Middle East, East Asia, and the Americas, reported Al-Watan.
Its business in Europe is already well-established. In July 2002, SABIC-Europe was born after the acquisition of the Dutch group DSM’s petrochemicals business. SABIC-Europe employs 2,300 people and has two major manufacturing locations in Geleen in the Netherlands and Gelsenkirchen in Germany, according to SABIC website.