Saudi SABIC profits rise to 1.73 billion dollars in 3 months - Energy

The Saudi Basic Industries Corporation (SABIC) achieved a significant jump in profits and revenues during the first quarter of this year, supported by the high prices of petrochemical products.

Today, Thursday, May 12, 2022, the company announced its profits for the quarter ended March 31, as its revenues amounted to 52.64 billion riyals ($ 14.04 billion), which represents an increase of 3% compared to the previous quarter and an increase of 40% over the quarter. The same as from the previous year.

Net income amounted to 6.47 billion riyals ($1.73 billion), which is higher than net income of 4.97 billion riyals ($1.33 billion) in the previous quarter, and net income of 4.86 billion riyals ($1.30 billion) in the same quarter of the previous year.

SABIC business results

Vice Chairman and CEO, Yousef bin Abdullah Al-Benyan, spoke about SABIC’s business results and remarkable numbers in the first 3 months of 2022.

He explained that the company’s financial performance was strong in the first quarter of the year, similar to the good results in the previous quarter, driven by many factors, most notably the high product prices, the diversification of the company’s products and its strong global presence.

One of SABIC's Saudi projects - photo from the company's website
One of SABIC’s Saudi projects – photo from the company’s website

And he indicated that 2022 will witness the continuation of the implementation of the growth strategy by focusing on owning sources of competitive values ​​and enhancing global presence, which will contribute to strengthening the financial position, achieving operational flexibility, and fulfilling obligations related to standards of environmental, social and governance practices.

SABIC announced the start-up of the global manufacturing facility at the US Gulf Coast Development Project in San Patricio, Texas, and completed its acquisition of Clariant’s 50% stake in Scientific Design, a leading high-performance industrial technology licensing and catalyst development company. .

The move opens up new growth prospects for the company by enhancing the high-performance capabilities of its specialized products business.

carbon emissions

On the other hand, during the first quarter, SABIC continued to achieve greater sustainability and innovation in the global chemical industry, and the company recently launched a bio-based copolymer product that has been certified by the International Carbon and Sustainability Certificate, which supports the consumer electronics industry in achieving goals to eliminate emissions carbon.

Five innovative technologies from SABIC were also selected among the winners of the annual Edison Awards, which honor the most innovative products, services and business leaders in the world. The awards they won in 4 different categories reflect the company’s diverse and innovative solutions package.

SABIC’s commitment to adopting the highest standards of environmental, social and governance practices was highly commended during the first quarter, as the company was awarded the “Best Environmental, Social and Governance Practices” award at the 2021 Saudi Stock Exchange Awards.

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