Saudi Basic Industries Corporation (SABIC) today reported first quarter profits of SR5.077 billion (US$ 1.354 billion), an increase of 116% compared to the same period in 2004 and an increase of 8% over the profits of SR4.691 (US$ 1.251) billion in the last quarter profits of 2004. SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady said that the first quarter profits realized by the company during 2005 reflect the remarkable improving performance in terms of productivity, marketing and developmental processes in parallel with the rise of global prices of most products, and further substantiate SABIC's endeavors to enter new markets and conclude long term contracts with customers. Production from SABIC affiliates during this first quarter of 2005 was 11.2 million tons, an increase of 12.4% over the 9.9 million tons in the same period last year. Sales were 8.3 million tons, an increase of 2% over the sales in the same period last year, he added.
