Demand for petrochemicals faces pressure, says SABIC Acting CEO

Abdulrahman Al-Fageeh, Acting CEO of Saudi Basic Industries Corp. (SABIC)

Abdulrahman Al-Fageeh, Acting CEO of Saudi Basic Industries Corp. (SABIC), said that demand for petrochemicals faces pressures, but SABIC has a diversified basket of products, in addition to a large number of high value products, which strengthens the company’s position and demand in global markets.

Average selling prices fell by 15% in Q3 2022 compared with the second quarter of 2022, Al-Fageeh told Argaam during the company’s press conference today, Oct. 30.

Replying to a question about the performance of subsidiaries, he said demand for polyethylene terephthalate (PET), produced by Arabian Industrial Fibers Co (Ibn Rushd), remains robust, as PET is used in the food and beverage, as well as product packing and packaging industries.

SABIC reported a net profit after Zakat and tax of SAR 16.24 billion for the first nine months of 2022, a drop of 10% from SAR 18.10 billion in the year-ago period. The third-quarter net profit plunged 67% to SAR 1.84 billion, Argaam reported.