SABIC announces Q2 2024 financial results

•    SABIC reported a profit of SAR 2.18 billion ($ 0.58 billion) in the second quarter of 2024.
•    Significant improvements made in EHSS performance.
•    Reached an advanced position in sustainability globally, being among the top 5% outstanding companies in the field.

SABIC, a global leader in diversified chemicals, announced its financial results for the second quarter of 2024, with a total net profit of SAR 2.18 billion ($ 0.58 billion) compared to SAR 0.25 billion ($ 0.07 billion) in the first quarter 2024. 

In a statement, Abdulrahman Al-Fageeh, SABIC CEO and Executive Board Member, said, “The significant rise in profits is attributed to better product margins and increased sales volumes, along with effective management of supply chain challenges in the region. This reflects our resilience, innovation, and ability to adapt under the prevailing challenging circumstances and meet the demands of our customers worldwide.”

Meanwhile, the company declared cash dividend of SAR 5.1 billion ($1.36 billion) for the first half of the year, underscoring its robust financial position and commitment to shareholder returns. SABIC also realized cumulative benefits of over $2 billion from synergies with Saudi Aramco.

Beyond financial performance, SABIC achieved significant milestones in environment, health, safety, and security (EHSS). Al-Fageeh highlighted the substantial improvement in EHSS performance during the second quarter, emphasizing SABIC's commitment to maintaining a world-class safety record. The company's safety performance improved significantly, with a SHER of 0.18 in the second quarter of 2024 compared to 0.47 in the same period last year, representing a 62% improvement.

On May 26, SABIC obtained all the required approvals from competent authorities and fulfilled all requirements to complete the sale of its stake in the Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF). This strategic divestment allows SABIC to focus on its main portfolio and contribute to Saudi Arabia's Vision 2030.

Recognizing its sustainability leadership, SABIC received, in this second quarter, a golden medal from EcoVadis, a global leader in corporate sustainability ratings. Additionally, SABIC Fujian complex was ranked among the top 10 investments in China by China Media Group.

Concluding his statement, Al-Fageeh emphasized SABIC's ongoing commitment to pursue business growth, provide its customers with innovative solutions and enhance research and development capabilities. “We are truly honored by the trust of our customers, suppliers, and partners. Their continuous support and trust in us are the cornerstones of our success.”