Mady, SABIC Vice Chairman and Chief Executive Officer said "SABIC has recorded its highest-ever achievements in 2005. Net profits rose to SR 19.2 billion compared to SR 14.2 billion in 2004. Production and sales increased to 46.7 and 36.6 million metric tons respectively, an increase of 9% each. Revenues exceeded SR 78 billion compared to SR 68.5 billion in 2004. Total assets amount to SR 137 billion compared to SR 125 billion. Current assets versus liabilities grew considerably assuring SABIC's sound financial position and its ability to honor its existing obligations. "The year 2005 witnessed Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz Al-Saud laying the foundation stones for the ‘Yanbu 2' mega project and a number of other developmental and industrial projects for SABIC, the Royal Commission for Jubail and Yanbu, and a number of Saudi private sector companies in Yanbu industrial city. "He also inaugurated a new acetic acid plant at the Arabian Industrial Fibers Company (IBN RUSHD) complex. In addition, the King laid the foundation stone for the Yanbu National Petrochemical Company (YANSAB). Yanbu 2 and Jubail 2 will provide a strong basis for the growth of SABIC's manufacturing plants and its local and global expansion. The YANSAB complex will be one of the world's largest petrochemical complexes and will strengthen SABIC's competitive position in world markets and widen its global presence". Al-Mady reiterated that the great success of SABIC will not be a cause for any slowdown or slackening of efforts. He said there would be more challenges due to the competition arising from the Kingdom's accession to the World Trade Organization (WTO) and the emergence of many new competitive petrochemical projects, particularly in the Middle East region. SABIC has intensified its efforts to boost its competitive capabilities by improving and enhancing customer services, and productivity through R&T and human resources development initiatives, he added. Al-Mady pointed out that SABIC's expansion projects are on track to increase the company's total annual capacity to 64 million metric tons by 2008.
