Saudi Basic Industries Corporation (SABIC) reported a record 2006 net profit of SR 20.3 billion compared to SR 19.2 billion in 2005, an increase of 6%. These are the highest profits achieved by the company since its inception and has resulted in an increase in earning per share to reach SR 8.13 compared to SR 7.66 in 2005. SABIC also reported record operating profits, production, sales and revenues. The total operating profits amounted to SR 35.3 billion compared to SR 33.1 billion in 2005, an increase of 7%. The total production of SABIC's manufacturing complexes was 49.1 million tons in 2006 compared to 46.7 million tons in 2005, an increase of 5%. A total quantity of 38.5 million tons was marketed compared to 36.6 million tons, an increase of 5% over 2005. Sales revenues hit SR 86.5 billion compared to SR 78.3 billion in 2005, an increase of 11%. These are the highest revenues achieved by the company since its inception. The results of 4Q2006 showed net profits amounting to SR 6.1 billion compared to SR 4.5 billion during the same period in 2005, an increase of 36%. Prince Saud bin Abdullah bin Thunayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC, said that these record profits are primarily due to the improvement in prices of most of the company's products and the increase in sales. He praised the great efforts exerted by SABIC and the employees of its affiliates who have contributed to achieving these positive results in all areas specially in relation to enhancing customer satisfaction and timely delivery of products which greatly impacted the increase of sales and speedy collection. Prince Saud also praised the intensive efforts of the company to develop the efficiency and skills of the employees through training programs at the SABIC Learning Center which was launched early this year. The company attaches great importance to this center which seeks to graduate highly trained staff. Prince Saud said that SABIC has completed its strategic plan for 2020 which will help achieve high growth rates, diversify and introduce value added products.
