SABIC Chairman HH Prince Saud bin Abdullah bin Thenayan Al Saud praised the excellent corporate operating performance. 2009 saw a total production of 59 million tons, an increase of 4 percent over last year. Sales totaled 46 million tons for the same period, an increase of 5 percent. Prince Saud explained that the decrease of net income in 2009 compared to last year can be attributed to the sharp decline in the prices of most products, especially for the first half of the year, due to the global financial and economic crisis.
Prince Saud said, “As new production from SABIC’s projects at SHARQ, YANSAB and our petrochemical complex in China come on-stream during 2010, this will add to total company production and sales going forward. Also, as the global economy improves during the year, we expect to see demand for our products improve.”
“SABIC has performed admirably this year in the face of unusual market conditions and has the financial strength and strategy to take advantage of opportunities that emerge during economic turbulence,” he said. “SABIC continues to be able to make strategic moves, including expansion of capacity at existing facilities, and investments in new industrial plants.” He added.
Prince Saud also noted that the company’s cost structure continues to be an advantage. “The integration of SABIC’s structure into a single global enterprise will offer even further cost advantages as the company leverages its strategic planning, supply chain management, and functional best practices across the global enterprise,” he said.