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FINANCIAL NEWS
SABIC eyes increasing sales
20 Jan 2011
(MENAFN) Saudi Basic Industries Corp. (SABIC) Chief Executive Mohamed Al-Mady said that the company’s 2012 sales and profits are to increase through 2011 as well as 2012 due to the whole petrochemical industry bouncing back from the global financial crisis which would lead to prices increasing back to normal levels, reported Arab News.
The CEO said that these expectations were inline with the company’s 27 percent hike in net profit in 2010 which met forecasts.
The CEO said that production grew last year by twelve percent and thus products amounted to 65 million tons of petrochemicals. He said that more production is expected in the coming two years as the company plans to add further production units.
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