Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) on Thursday announced the opening of a polyacetal facility in the Jubail Industrial City.
Inaugurated on Wednesday at 50,000 metric tonnes production capacity, this plant is considered the first vt SABIC in the Middle East and North Africa (MENA), the company said in a statement.
This facility reflects SABIC’s strategy for 2025 which aims to provide polymer solutions for customers.
“We seek to create long-term value for our customers in a range of industries, including automotive, building and construction, consumer goods, appliances and lighting,” SABIC’s executive vice president Abdulrahman Al-Fageeh said.
SABIC’s net profits fell 18.63% to SAR 3.67 billion in the fourth quarter of 2017, from SAR 4.51 billion in the prior year period, whereas net profits grew 4.49%, reaching SAR 18.4 billion in 2017, compared to SAR 17.61 million in 2016.
By 11:29 am Saudi time, SABIC’s stock inched up 0.72% to SAR 115.60.
