Saudi Basic Industries Corporation (SABIC), the Middle East's biggest petrochemicals producer, said yesterday nine-month net profits doubled on higher world prices for its products and cost-cutting efforts. In a statement on the company's website, the industrial giant said it earned a SR9.56 billion ($2.55 billion) net profit in the first nine months of 2004. Third-quarter profits surged 169 percent against the same period last year to SR4.21 billion. SABIC shares ended yesterday's morning trading session - before the results were announced - at SR660.25, just off a year high of SR665.25 and well above a year low of SR321. Vice Chairman and Chief Executive Officer Mohamed Al-Mady said the results reflected sharper marketing and higher world prices for its petrochemicals, fertilizers, plastics and steel. Mady said the company had also reduced expenses and improved its investment capabilities. --MORE 1305 Local Time 1005 GMT
