Sabic Ordinary General Assembly approved the appointment of Abdulrahman Al-Fageeh, Sabic CEO, as an executive member of the Board of Directors from March 21, 2023, until April 9, 2025 – the Board’s tenure end date.

 

In its last meeting, the Board of Directors, had agreed to appoint Dr Mohammed Yahya Al-Qahtani as Vice Chairman.

 

As the Head of the meeting, Khalid Al-Dabbagh, Sabic Chairman, paid tribute to Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the Crown Prince, HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, for enabling the right environment for Sabic and the various productive sectors to grow despite harsh global conditions resulting from the current geopolitical developments and Covid impacts.

 

Al-Dabbagh expressed his gratitude to Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, for his continuous support and contribution to the company’s success.

 

He also valued Sabic shareholders’ contributions that had the best impact on continuing its success and enhancing its contributions to the ambitious national development plans and programs.

 

“The year 2022 was exceptional with its fluctuations and challenges, yet Sabic managed to face the challenges by intensifying its development programs to achieve record numbers in terms of production, sales, and revenues that exceeded the achievements of the previous year. However, its net profits have not met its aspirations and have shrunk compared to last year due to the worsening global conditions.”

 

He added: "Over the past year, Sabic has been strengthening its integration activities with Saudi Aramco, which resulted in many achievements. Sabic marketed chemicals and polymers from Aramco’s joint ventures, supplying them to customers in China, Southeast Asia, Europe and the Middle East. The integration between the two companies extended to include several new projects planned to be established.”

 

“Sabic continues to operate its business responsibly and profitably for the long term, incorporating ESG considerations into all investment decision-making processes, and complying with these practices at all levels,” he added.

 

Abdulrahman Al-Fageeh, Sabic CEO, highlighted that “Sabic has successfully faced the challenging global conditions, investing in its collaborative relations with Aramco, which led to the successful supply of the world's first commercial shipment of independently certified blue ammonia to South Korea.

 

It is also focusing on strong capital discipline to enhance profitability and future growth opportunities, adding more investments to develop information technology infrastructure, benefit from digital transformation, and rely on the effective use of big data tools to be more proactive and data-driven.”

 

Al-Fageeh said that Sabic is pursuing plans to manage working capital through the Cash Cost Transformation program, and is sparing no effort to achieve sustainable growth, adopt long-term strategic goals for sustainability, and reduce emissions related to the life cycle of its products across the value chain.

 

The General Assembly approved all other agenda items, the appointment and determination of the fees of an external auditor based on the recommendation of the Audit Committee to examine, review and audit the financial statements for the Q2, Q3, and full year of 2023 and Q1 2024, and discharging the members of the Board of Directors for the year ending on December 31, 2022.

 

The assembly delegated the Board of Directors to distribute quarterly or semiannual dividends for the fiscal year 2023, and to determine the maturity and disbursement dates in accordance with the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, and commensurate the Company's financial position, cash flows and expansion and investment plans.-TradeArabia News Service