Ibn Rushd logs record profit in 2021, no plans to IPO Hadeed: SABIC CEO

Yousef Al-Benyan, SABIC’s Vice Chairman and CEO

Arabian Industrial Fibers Co. (Ibn Rushd) reported a record net profit of more than SAR 100 million in 2021, said Yousef Al-Benyan, SABIC’s Vice Chairman and Chief Executive Officer (CEO).

There is a plan to bolster Ibn Rushd’s performance and profitability this year, Al-Benyan told Argaam in a press conference held today, Feb. 3.

The transformation process and the merger of some plants increased productivity and sales, and slashed costs, as was the case with the consolidation of SABIC Agri-Nutrients and Arabian Petrochemical Company (Petrokemya). “Merger plans are on the table and will be announced soon,” Al-Benyan added.

Elsewhere, Al-Benyan said that profit margins improved on a rise of 7% quarter-on-quarter (QoQ) and 53% year-on-year (YoY) in product prices during the fourth quarter of 2021, affirming that SABIC Agri-Nutrients was the largest contributor to the company’s profit.

Meanwhile, Al-Benyan affirmed that there are no plans to sell any units or affiliates of SABIC to the public, including Saudi Iron and Steel Co. (Hadeed).

SABIC reported a net profit after Zakat and tax of SAR 23 billion for 2021, a rise of 32.8% from SAR 66.8 million in the year-ago period. Q4 profit stood at SAR 4.9 billion, Argaam reported.