Petrochemicals giant Saudi Basic Industries Corp (Sabic) said that its net profit rose 113 per cent last year to a record 14.25 billion riyals ($3.80 billion) on the back of high global prices for its products.

The world's most profitable petrochemical company said it was able to double its profit even after taking a 1.56 billion riyal hit from a US court order to compensate ExxonMobil Corp in a dispute over their joint operations in Saudi Arabia.
Fourth-quarter profit before allocations for the ExxonMobil payments surged to 5.95 billion riyals, three times higher than the same period in 2003, Sabic said.
'This is the highest ever profit earned by Sabic since its inception,' Chief Executive Mohamed Al Mady said.
Returns were boosted by high world prices for Sabic products, which include basic chemicals, polyolefins, fertilisers and metals, as well as by steps taken to integrate the firm's diverse business activities, he added.
Other factors were technology upgrades, lower operation costs and improved marketing and customer development, he said.
Analysts said Sabic's chief advantage was access to cheap petroleum products used as feedstock for its plants in Saudi Arabia, the world's biggest oil exporter.
Sabic's main plants are at the Gulf industrial site of Jubail and the Red Sea Yanbu complex but it has moved into Europe and plans further expansion in Asia and Latin America.
Officials have said Sabic investment in China could reach between $2 billion and $5 billion. The company has also approved a 24 billion riyal budget for projects to be completed within Saudi Arabia by 2008.
It also plans to issue a bond of up to $1 billion later this year - the kingdom's first major corporate bond.
Sabic's revenue rose to 68.74 billion riyals in 2004, a 47 per cent gain on the previous year, making it the Middle East's biggest manufacturing firm in terms of revenue, Mady said.
Sabic is Saudi Arabia's largest listed company, accounting for nearly one-quarter of the capitalisation of the Arab world's biggest bourse.
Sabic said it also plans a one-for-three bonus share issue and will distribute a 15 riyal ($4) per share dividend.
Sabic shares dominate the biggest Arab stock market, accounting for one third of its total capitalisation. The market has repeatedly hit record highs this year as strong oil prices boost investor confidence in the world's top crude exporter.
Sabic also said posted on the Saudi bourse website that it plans to issue an Islamic sukuk bond to 'diversify its future funding sources'.
The firm did not state its amount or when it would be issued.
Sabic has also set up a Prize for Environment to reward men and women who excel in applied environmental sciences.
Award categories include environmental protection and combating desertification, petrochemical industries, and water and agriculture technology.