SABIC announces full-year 2024 results

SABIC, a global leader in diversified chemicals, announced today its financial results for the year 2024, with a net profit of SAR 1.5 billion compared to a net loss of SAR 2.8 billion in 2023.

Commenting on the results, Eng. Abdulrahman Al-Fageeh, SABIC CEO, stressed the company’s ability to sustain strong performance and profitability. "Despite the challenges facing the petrochemical industry, SABIC’s operations and business remain resilient, and we continue to deliver solid and stable EBITDA margin,” he said.

At a press conference held at the company's headquarters, Al-Fageeh shared the company's 2024 performance, financial results, and key achievements. He highlighted SABIC's continued dedication to excellence in environment, health, safety, and security.

The CEO emphasized the company’s strong focus on workplace safety in 2024, reporting a total recordable incident rate (TRIR) of 0.09 – an 18% improvement compared to 2023, reflecting its strong commitment to best practices and operational excellence.

Speaking to reporters, Al-Fageeh highlighted SABIC’s continued growth, stressing that the company is moving in the right direction as planned. He outlined its expansion projects that include the Fujian Petrochemical Complex project in China, with a total investment of SAR 24 billion, the Methyl Tertiary Butyl Ether (MTBE) project in Saudi Arabia, increase in production capacity of SABIC SK Nexlene by 40%, and the new ULTEM™ resin manufacturing facility opened in Singapore last year. 

He also highlighted the completion of the mechanical work on the pyrolysis oil plant and commissioning of the hydrotreater unit in the Netherlands, in addition to the inauguration of the electrically heated cracking furnace project in cooperation with BASF and Linde.

Speaking about integration with Saudi Aramco, Al-Fageeh pointed out that SABIC has achieved US$ 2.57 billion (SAR 9.66 billion) synergy value realization to date, underscoring the importance of this cooperation and the need to push it forward. In addition, the company enhanced its focus on core businesses and efficient capital allocation, with the completion of the sale of Hadeed, Alba, and its Functional Forms business specialized in the production of plastic films and sheets.

SABIC has strengthened its market presence and customer intimacy with the introduction of 135 new products in 2024, marking a significant step in its innovation strategy. The company also reported a 5% year-on-year increase in its Net Promoter Score, reflecting its commitment to quality and customer engagement.

In a remarkable testament to its innovation and excellence, SABIC has secured multiple prestigious global awards across various fields. Among its latest accolades, the company received the EcoVadis Award, five Edison awards, and two R&D 100 awards for research and innovation.

Further strengthening its industry leadership, SABIC retained its position as the second most valuable brand in the chemical industry for the fifth consecutive year, as per Brand Finance ranking. This sustained global recognition underscores the company’s growing positive perception among partners, customers, and stakeholders.