SABIC achieves strong performance in Q4 2021, says Al-Benyan

Yousef Al-Benyan, SABIC Vice Chairman and CEO

Saudi Basic Industries Corp. (SABIC) achieved strong performance in the fourth quarter of 2021, Vice Chairman and CEO Yousef Al-Benyan said in a statement.

The results were driven by operational performance and higher prices for most of our key products, which led to higher EBITDA in Q4 2021, Al-Benyan added.

“Looking back on 2021, our financial performance was strong throughout the year, supported by favorable market conditions and our focus on capital discipline. Our commitment to sustainability was demonstrated in our roadmap to achieve carbon neutrality by 2050,” he said.

The petrochemicals giant expects earnings in 2022 to be healthy, albeit lower than the exceptionally strong earnings in 2021 due to the impact of new capacity coming onstream, higher feedstock cost and continued supply chain constraints in 2022.

The company also expects capital expenditures in 2022 to be higher than 2020 and 2021 due to non-discretionary investment in safe and reliable operations and funding sustainability and growth projects.

According to data compiled by Argaam, 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.