SABIC’s Q1 2022 performance strong, focus remains on growth strategy: CEO

Yousef Al-Benyan Vice Chairman and CEO of SABIC

Saudi Basic Industries Corp.’s (SABIC) Q1 2022 results demonstrated strong performance driven by continued healthy demand for its products, higher oil prices and the company’s diverse global portfolio, Yousef Al-Benyan, Vice Chairman and CEO said in a statement.

“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,” the CEO added.

The successful recent startup of the petrochemical joint venture project in the US Gulf coast was completed ahead of schedule and within budget. SABIC will continue to work on achieving its global growth strategy focusing on key markets and competitive feedstock.

Global growth is projected to slow from an average of 5.8% in 2021 to a range of 3.2%-3.6% in 2022 due to economic uncertainty for the remainder of 2022. Despite this outlook, SABIC expected its EBITDA to remain flat year-over-year mainly due to higher sales volumes offset by higher feedstock prices, the company said in its Q1 2022 earnings presentation.

SABIC reported a net profit after Zakat and tax of SAR 6.5 billion for Q1 2022, a rise of 33% from SAR 4.9 billion in the year-ago period, Argaam reported.