RIYADH, Jan 25: Saudi Industrial giant Saudi Basic Industries Corp (SABIC) said on Saturday its net profits jumped 60 per cent in 2002 from the previous year due to increased sales and stable petrochemical prices.

SABIC said in statement that its net profits rose to 2.844 billion riyals ($758.4m) in 2002 from 1.78 billion riyals in 2001. Net profits plunged 51 per cent in 2001 due to lower prices for its products, the company said.

“An increase in sales volumes and the stability of petrochemical prices have contributed to these encouraging financial results,” said Vice Chairman and Managing Director Mohamed Al-Mahdy in a statement faxed to Reuters.

He added that he expected this trend to continue in the first quarter of 2003. Total sales for 2002 rose to 34 billion riyals versus 29 billion riyals in 2001.

—Reuters