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EspañolSABIC reports first quarter 2022 earnings
Saudi Basic Industries Corporation (SABIC) today announced its first quarter 2022 financial results. Sales totaled 52.64 billion riyals ($14.04 billion) in the first quarter, up 3% from the previous quarter and 40% from a year earlier.
Net income was 6.47 billion riyals ($1.73 billion), up from 4.97 billion Riyals ($1.32 billion) in the previous quarter and 4.86 billion Riyals ($1.3 billion) in the same period last year.
Yousef al-Benyan, SABIC's vice-chairman and chief executive, said: "SABIC delivered a solid financial performance in the first quarter, building on the good results of the previous quarter. This was achieved thanks to higher product prices, as well as our diversified product portfolio and strong global presence."
"Going forward, SABIC will deepen the implementation of our global growth strategy by securing competitive raw material resources and further advancing the company's global footprint," al-Baiyan continued. In doing so, we will also continue to strengthen our financial position and maintain operational resilience, while working to meet environmental, social and governance (ESG) requirements."
As one of the major developments in the first quarter, SABIC today announced the successful commissioning of its Gulf Coast Growth Corporation (GCGV) world-class manufacturing facility in SAN Patricio County, Texas. In addition, SABIC completed the acquisition of Clariant's 50% stake in Scientific Design. The acquisition of a leader in catalyst production and high performance process technology licensing will effectively add to SABIC's high performance product capabilities and unlock new growth potential.
During the first quarter, SABIC continued to drive sustainability and innovation in the global chemical industry with the latest ISSC+ bio-based LNP™ ELCRIN™ copolymer resin to help the consumer electronics industry achieve net zero carbon emissions.
In addition, five innovative technologies from SABIC won this year's Edison Invention Award. The award recognises the world's most innovative products, services and business leaders; The diversity of SABIC's innovative solutions is highlighted by the fact that it has been awarded in four different categories.
In fulfilling ESG commitments to the highest standards, SABIC also received a strong recognition in the first quarter from the Saudi Capital Markets Awards 2021 for "Best Environment, Society and Governance".
Posted by Leila
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