RIYADH, April 19: Saudi Arabian industrial giant Saudi Basic Industries Corp (SABIC) said on Saturday its net profits rose 358 per cent to 1.396 billion riyals ($372m) in the first quarter of 2003 from a year earlier.

The firm had posted a Q1 2002 net profit of 304 million riyals, down from 724 million in the same period the previous year, on low petrochemical prices.

A SABIC statement attributed the rise in Q1 2003 profits to increased sales and higher prices for its products. It said its total production rose 21 per cent to 10.4 million tons in the first quarter while sales rose 10 per cent to 7.4 million tons.

SABIC, 70 per cent owned by the Saudi government, controls and operates 16 complexes with international firms, producing petrochemicals, fertilizers, steel and plastics.—Reuters