SABIC TODAY REPORTED ITS EARNINGS FOR THE SECOND QUARTER OF 2023

SABIC today reported its earnings for the second quarter of 2023. The company’s revenue for the second quarter reached SAR 37.17 billion ($ 9.91 billion). Net income during the second quarter totaled SAR 1.18 billion [$ 0.31 billion], an increase of 79% versus net income of SAR 0.66 billion [$ 0.18 billion] in prior quarter.

Commenting on the second quarter 2023 results, Eng. Abdulrahman Al-Fageeh, SABIC Chief Executive Officer and Executive Member of the Board, today said: “In the second quarter, we maintained our sales volume despite challenging economics environment with increased supply in our main products. Our EBITDA margin have improved from 13% achieved in last quarter to 14% in second quarter of 2023. We achieved the minimum target of our synergies with Saudi Aramco 2 years ahead of time by reaching $ 1.51 billion in accumulative basis”

Eng. Al-Fageeh continued, “SABIC is committed to innovation and sustainability as key pillars for our growth. A good testimony this quarter is the conversion of oil from plastic waste to certified circular polymers in Saudi Arabia, being the first company in MENA to commit to it. In addition, we successfully completed the first certified commercial shipments of low-carbon ammonia to India and Taiwan, reflecting our determination to deliver meaningful solutions for our customers and to advance markets for important net-zero solutions like low-carbon ammonia.”

Building on momentum from the first quarter of 2023, SABIC announced several important strategic developments in the second quarter, continuing the company’s progression towards carbon neutrality and being the preferred world leader in chemicals.

In the second quarter, SABIC joined forces with numerous global organizations and partners to address global challenges with innovative, sustainable and circular solutions. First, SABIC, along with BASF, Covestro, Dow, and others signed a sustainability agreement with renowned Dutch innovation organization TNO, which will host an R&D Hub to make significant progress toward sustainable plastic waste processing and help advance mechanical and chemical recycling routes. Also of note from the second quarter, SABIC was awarded a 2023 Sustainability Leadership Award for Exemplary Achievements in Circularity by the American Chemistry Council (ACC), recognizing the company’s pioneering efforts to integrate ocean bound plastic (OBP) into the circular economy.

SABIC also released in Q2 its 2022 Sustainability Report, which highlighted SABIC’s progress on key sustainability commitments, including advancing the circular economy, ensuring responsible chemicals management and increasing Environmental, Social and Governance (ESG) disclosures. These commitments are significant strides towards SABIC’s carbon neutrality goals.

Lastly, in a reflection of SABIC strong support for creativity and innovation, SABIC recently held a ceremony at the SABIC Academy in Riyadh to honor the Saudi science and engineering team members who won 27 awards at the International Science and Engineering Fair (ISEF) in Dallas, USA.