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SABIC's First Quarter Profits Down from 2005 - ASHARQ AL-AWSAT English Archive
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Riyadh, Asharq Al-Awsat- Saudi Basic Industries Corporation (SABIC) reported first quarter profits of SR4.2 billion, a decrease of 17% compared to the same period in 2005 and a decrease of 7% less than the profits in the last quarter of 2005.

SABIC Vice Chairman and CEO, Mohamed Al-Mady said, “The company’s sales during the 1Q2006 rose to SR 9.4 million metric tons, an increase of 14% over the sales in the same period last year. The decrease in profits is attributed to the decrease in the global prices of products by 10% in parallel with the rise of the cost of sales and the rise of prices of some manufacturing feedstock including liquid gas and iron ore”.

“I expect that the prices of some products will see a relative improvement which will positively impact our corporate performance during the remaining period of this year”.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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