Industry, Logistics & Shipping

Sabic net income increases to $2.11bn in Q2

Saudi Basic Industries Corporation's (Sabic) revenue for the second quarter reached SR55.98 ($14.93 billion), representing an increase of 6% compared to the previous quarter and a 32% increase year-on-year. 
 
Net income during the second quarter totaled SR7.93 billion ($2.11 billion). This is higher than both the net income of SR6.47 billion in the previous quarter and the net income of SR7.64 billion in the second quarter of 2021, said the company. 
 
Yousef Abdullah Al-Benyan, Sabic’s Vice Chairman and Chief Executive Officer, said: “The second quarter strong financial results demonstrates Sabic’s robust operational performance across the different segments. Our commitment to sustainability and innovation was evident through winning two silver and three bronze awards in the prestigious Edison Awards. These awards also reflect our commitment to helping achieve our long-term objective of carbon neutrality by 2050."
 
Al-Benyan continued: “Distributing dividends to our shareholders remains a priority for Sabic. In June 2022, Sabic’s board approved a cash dividend  distribution of SR2.25 per share for the first half of 2022, approximately 29 % higher than the cash dividend distribution of SR1.75 per share for the first half of 2021."
 
To maintain the company’s growth and marketing momentum, Sabic continued to invest in sustainable business solutions and strategic partnerships that deliver innovative technology to customers around the world. 
 
Among the major developments this quarter in its Truecircle portfolio of circular products and services  were the launch of the world’s first packaging-label materials made from polypropylene based on advanced recycled ocean-bound plastic. In July, Sabic also obtained the world’s first independent certification recognising “blue" ammonia production.
 
Sabic also continued to innovate its products throughout the course of the second quarter. In May, it introduced a new upcycled LNP ELCRIN IQ resin made with ocean-bound plastic waste to help reduce pollution and support a global circular economy. The company also announced a new cement enhancement solution – carbon black grade N330 – that will improve the quality and strength of future concrete-based infrastructure in the Kingdom of Saudi Arabia. 
 
In June, Sabic introduced Bluehero, an integrated portfolio of automotive products and services aimed at accelerating the world’s energy transition to electric power. Moreover, Sabic launched a long-term innovation partnership with Formula E, the world’s first net-zero sport, ahead of the 2022 London E-Prix, where SABIC debuted its title sponsorship of the race.
 
Over the course of the reporting period, Sabic strongly delivered on its Corporate Social Responsibility objectives, investing $19.2 million across 45 different programmes, including community partnerships with Jazan Autism Center, the International Conference and Exhibition for Education, and the Saudi “Sports For All" Federation, said the company. - TradeArabia News Service