SABIC posts 33% rise in profit

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  • The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent
  • The company CEO said SABIC will remain focused on delivering its growth strategy

The chemical giant has posted SR6.47bn profit in Q4.

Profits soared to SR6.47 billion last quarter, compared to SR4.9 in the same quarter a year earlier, according to a bourse filing.

The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent on a quarterly basis as well as an increase in sales volume.

“SABIC’s first-quarter results demonstrated strong performance driven by continued healthy demand for our products, higher oil prices, and our diverse global portfolio,” commented CEO, Yousef Al-Benyan.

“In 2022, SABIC will remain focused on delivering its growth strategy, achieving operational resilience, and meeting our ESG commitments while at all times maintaining a strong balance sheet,” he added.

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