Saudi Basic Industries Corporation (Sabic), one of the world's biggest petrochemicals firms, has registered solid growth for the first quarter, netting a revenue of SR52.64 billion ($14.04 billion), representing an increase of 3% compared to the previous quarter and a 40% increase year-on-year.
Announcing its earnings for the three-month period ended March 31, 2022, Sabic said the net income too witnessed solid growth, hitting SR6.47 billion ($1.73 billion), compared to SR4.97 billion ($1.32 billion) in the previous quarter and up 33% over SR4.86 billion ($1.3 billion) in the first quarter of 2021.
During the first three months, Sabic continued to drive greater sustainability and innovation across the global chemicals industry. It recently introduced a new bio-based and ISSC+ certified LNP Elcrin copolymer to help the consumer electronics industry achieve net-zero carbon emission goals.
On the financial performance, Vice Chairman and CEO Yousef Al Benyan said it was robust, building further on last quarter’s good results. "Our financial performance this quarter was driven by several factors, including higher product prices, our diversified portfolio and our strong, global presence," stated Al Benyan.
"As we move forward, we will realize our global growth strategy by capturing competitive feedstock resources and expanding our global presence. In doing so, we will also commit to strengthening our financial position, maintaining our operational resilience, and meeting our Environmental, Social, and Governance (ESG) requirements," he added.
Among the major developments this quarter, Sabic announced the successful start-up of the Gulf Coast Growth Ventures (GCGV) world scale manufacturing facility in San Patricio County, Texas.
It also completed its purchase of Clariant’s 50% share in Scientific Design, a leading catalysts producer and licensor of high-performance process technologies. This will unlock new growth potential for SABIC by strengthening and complementing the high-performance capabilities of its Specialties business.
In the reporting period, five innovative technologies created by Sabic were named among the winners of the annual Edison Awards, which honor the world’s most innovative new products, services and business leaders. The awards in four different categories reflect SABIC’s diverse range of innovative solutions.
Sabic's commitment to adopting the highest Environmental, Social and Governance (ESG) Standards was also recognized during the first quarter of 2022, with the company claiming the “Best ESG” Award at the Saudi Capital Market Awards 2021.-TradeArabia News Service