SearchSABIC announces Q3 2024 financial results
04/11/2024
• SABIC reported a net profit of SAR 1.00 billion in the third quarter of 2024.
• Significant improvements in EHSS performance rates.
• SABIC CEO: “We continue maintaining a stable EBITDA margin.”
SABIC, a global leader in diversified chemicals, announced its financial results for the third quarter of 2024, with a total net profit of SAR 1.00 billion compared to SAR -2.88 billion in the third quarter 2023.
Revenues in the third quarter 2024 amounted to SAR 36.88 billion, an increase of 3% compared to the same quarter in 2023.
SABIC also maintained stable margins due to resilience in addressing the regional supply chain challenges and surrounding conditions, reflecting its agility and capability to innovate, ability to adapt to changing circumstances under growing challenges, and its success in meeting the requirements of global customers.
Commenting on the results, Abdulrahman Al-Fageeh, SABIC CEO said, "The increase in the 3rd quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations. Despite current market challenges, we maintained a stable EBITDA margin.”
The company achieved SHE rate of 0.21 in the third quarter of this year, reflecting a 60% increase compared to the same period last year.
Al-Fageeh also stressed that SABIC’s growth projects are underway as planned, including the Fujian Petrochemical Complex and the MTBE plant in Petrokemya, as well as the capacity increase at SK NEXLENE.
He expressed his pride over SABIC being named as Saudi Arabia’s Sustainability Leader in Petrochemicals by the Ministry of Economy and Planning.
SABIC recently inaugurated the world's largest solar power plant powered by circular panels in Genk, Belgium, where SABIC collaborated with Solarge to develop 4,600 innovative 100% recyclable solar panels. These panels are much lighter than traditional ones, thanks to the use of SABIC’s innovative polymers.
Meanwhile, as part of its emissions-reduction efforts, SABIC has completed the mechanical works of the pyrolysis oil demonstration plant in Geleen, in collaboration with its partners. This is a key step in the company’s objective to deliver sustainable solutions as part of its TRUCIRCLE™ portfolio.
In addition, SABIC won the ICIS Innovation Awards for "Best Process Innovation" for the world's first large-scale electrically heated cracking furnace. SABIC also won the R&D 100 award in the Mechanical/Material Technology category for its LNP™ STAT-KON™ compound that enables lightweight, cost-effective energy-storage technologies.