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SABIC: Revenue up 13%, net income down

Source:Adsale Plastics Network Date :2023-03-06 Editor :JK

SABIC announced its financial results for the fourth quarter of 2022. The company’s revenue reached SAR 42.98 billion (US$11.46 billion) in the fourth quarter of 2022, a decrease of 8% compared with the third quarter of 2022. Net income in the fourth quarter of 2022 was SAR 0.29 billion (US$0.08 billion), a decrease of 84% compared with the third quarter of 2022.


For the full year, SABIC reported a revenue of SAR 198.47 billion (US$52.92 billion), a 13% increase compared to revenue achieved in the previous year. SABIC’s full year 2022 net income was SAR 16.53 billion (US$4.41 billion) a decrease of 28% to the net income of SAR 23.07 billion (US$ 6.15 billion) in the previous year.


Abdulrahman Al-Fageeh, SABIC’s Chief Executive Officer (A), said, “SABIC 2022 results remain strong despite challenging market conditions. Our sales volumes continue to grow, exceeding the previous year’s sales by 9% and driven by growth projects, improved reliability, inventory optimization and synergies with Saudi Aramco”.


According to SABIC, it continued to be a leader in sustainable solutions over the course of 2022, leading and collaborating on several new milestones in its journey toward carbon neutrality.


At the beginning of 2022, it introduced BLUEHERO – an expanding ecosystem of materials, solutions, expertise, and programs aimed to help accelerate the world’s energy transition to electric power – and a partnership with BASF and Linde to build the world’s first demonstration plant for large-scale electrically heated steam cracker furnaces.


SABIC announced its financial results for 2022.

Building on this momentum, SABIC Agri-Nutrients and Aramco shipped the world’s first commercial accredited low-carbon blue ammonia to South Korea in November. This first-of-its-kind shipment – directly in line with Saudi Vision 2030’s emphasis on low-carbon fuels and products – followed SABIC Agri-Nutrients and Aramco receiving the world’s first independent certifications of blue ammonia and blue hydrogen production.


Most recently, the company reaffirmed its commitment to accelerating the circular carbon economy by announcing its ambition to process one million metric tons (1000kt) of TRUCIRCLE solutions by 2030. 


Besides, it announced the start to study the establishment of a complex to convert oil and liquids into petrochemicals in Ras Al-Khair in the Kingdom of Saudi Arabia, which is expected to convert 400,000 barrels per day of oil into chemicals.


Moreover, SABIC and ExxonMobil announced the successful startup of Gulf Coast Growth Ventures world-scale manufacturing facility in Texas. The operation will include a 1.8 million metric ton per year ethane steam cracker, two polyethylene units capable of producing up to 1.3 million metric tons per year, and a monoethylene glycol unit with a capacity of 1.1 million metric tons per year.


In November, the company inaugurated its new building in Jubail that will expand its local and global presence in the Kingdom and around the world. Built with SABIC steel and the first carbon neutral building that will accommodate more than 3,600 SABIC employees and it will connect SABIC's global sites by adopting the latest technologies, including advanced data systems as well as environmental and operational excellence system.


The company closed out the year in December by hosting the 16th Annual Gulf Petrochemicals and Chemicals Association Forum, held this year for the first time in Riyadh. In front of global industry leaders attending the conference, SABIC CEO (A) Eng.


Abdulrahman Al-Fageeh highlighted the importance of several topics within the industry, including driving partnerships and collaborations, need for agility, and new business and operating models.


Throughout the year, SABIC remained committed to EHSS and continues to implement processes and protocols that will ensure the good standing of its EHSS in 2023.


In addition, SABIC was recently recognized at the 2022 Saudi Capital Market Awards with two awards, including Best Environment, Social and Governance (ESG) program and Best Investor Relation (IR) Program. The ESG award, won by SABIC for the second consecutive year, assesses all entries on a range of key criteria, including ESG governance, frameworks used for reporting, and major achievements in the field.

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