Deputy Chairman of Board of Directors and Chief Executive Officer of Saudi Basic Industries Corporation "SABIC" Eng. Mohammed Al-Madhi described the financial results of the Corporation announced on Tuesday as very pleasant exceeding expectations of analysts and observers, especially after recording a net profit amounting to SR 4.58 billion in the fourth quarter of the last year, compared to SR 0.31 billion for the same quarter in 2008, an increase of 1,377 percent, and compared to SR 3.6 billion for the preceding quarter, an increase of 26 percent. In a press conference held here today, Al-Madhi pointed out that the achievement of high growth in sales and production of the Corporation confirms its ability to overcome the effects of the global financial crisis with high efficiency. He explained that the Corporation continued maintaining its strong financial position, which has been reflected positively in preserving its credit rating on the world top companies in petrochemical production. --MORE
