SABIC turns government subsidies into profit, CEO says

Chief executive of Saudi Basic Industries Corp. (SABIC), which is 70 percent owned by the Saudi government, said that his company has got only SAR 10 billion worth of state subsidies and was able to turn that into SAR 70 billion in profit to the state.

CEO Mohamed al-Mady was responding to critics who raised concern about the company’s capabilities of making profit without government support, according to remarks delivered after announcing the 2nd quarter which were carried in al-Riyadh newspaper.

SABIC’s 2nd quarter profit rose to SAR 6.5 billion from SAR 6 billion  year on year, according to Argaam.