Saudi Basic Industries Corporation (SABIC) reported a record 2005 net profit of SR19.2 billion ($5.11 billion) compared to SR14.2 billion in 2004, an increase of 35 per cent. The net profits in the fourth quarter of 2005 were SR4.5 billion, Jeddah-based 'Saudi Gazette' quoted a statement issued by SABIC as saying. SABIC 's profits in 2005 were the highest ever reported, exceeding the previous record profits reported in 2004 by 35 percent, said Mohamed Al-Mady, SABIC vice chairman and CEO. This is due to price increases in major products, a rise in overall production capacity to 46.7 million tons (9 percent increase) and an increase in overall sales to 36.6 million tons, a 9 per cent increase over 2004, he said. --more 13 38 Local Time 10 38 GMT
