SABIC holds Ordinary Annual General Meeting in Riyadh

•    SABIC is focused on creating shareholder value with a strong balance sheet and disciplined governance.
•    SABIC reaffirms its commitment to maintaining its competitive position amid challenging markets.

SABIC held its Ordinary Annual General Meeting in Riyadh on April 9, and reviewed the Board of Directors’ report and the financial statements for the fiscal year ending December 31, 2024, and approved the remaining items on the agenda.

Having met the quorum, the meeting selected the members of the Board of Directors for the next term, which extends three years from April 10, 2025.

During the meeting, three outgoing members of the Board, Mohammed Al-Nahas, Nader Al-Wehibi, and Calum MacLean were appreciated for their services to the company and its shareholders.  The Board also welcomed its new members, Dr. Ramesh Ramachandran, Lucrèce Foufopoulos, and Mohammed Al-Subaie. 

In his speech, Khalid Al-Dabbagh, SABIC Chairman, thanked Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud for their support to the private sector which has helped in boosting the national economy. Al-Dabbagh also thanked Prince Abdulaziz bin Salman, Minister of Energy, and his team for their tireless efforts in empowering the petrochemical industry in Saudi Arabia.

He said SABIC’s focus during 2024 was on managing its business portfolio and ensuring the efficiency of capital allocation. The company strengthened its strategic investments to meet prevailing market challenges, particularly overcapacity and pricing pressures in key regions. He further reaffirmed the company’s commitment to maintaining its competitive advantages.

The SABIC Chairman stressed that SABIC will continue to pursue sustainable growth to maximize shareholder value, with strong balance sheet, disciplined governance, and robust portfolio management strategy. He noted that achieving the highest standalone credit rating in the chemical industry boosts the company’s efforts in dealing with the cyclical nature of the business while maintaining capital discipline. He also touched on the company’s efforts to further build customer confidence and help in their success. He pointed out to the strength of the SABIC brand, maintaining its position as the second most valuable brand in the chemical industry with an increased brand value of US$ 4.9 billion.

Abdulrahman Al-Fageeh, SABIC CEO, spoke about SABIC's success in achieving profitability due to its carefully planned strategies, despite the significant challenges faced by the global chemical sector in 2024, including geopolitical uncertainties, changing consumer demands, and sustainability and decarbonization regulations.

Al-Fageeh highlighted the company’s financial performance during 2024, including revenues of SAR 140.0 billion (US$ 37.3 billion), EBIDTA of SAR 19.5 billion (US$ 5.2 billion), in addition to the value resulting from synergies with Saudi Aramco of a cumulative value of SAR 9.66 billion (US$ 2.57 billion) since Saudi Aramco acquired 70% of SABIC shares in June 2020. Of this amount, SAR 3.04 billion (US$ 0.81 billion) was in 2024 alone.

The CEO also highlighted the sale of some non-core assets, including Hadeed and the Functional Forms business, specialized in producing plastic sheets and films, as well as the completion of the sale of SABIC's stake in Aluminum Bahrain (Alba). These strategic moves helped the company optimize capital reallocation, enhance capital efficiency, and increase long-term value creation.

Concluding his speech, Al-Fageeh addressed the ambitions for 2025 and beyond. They include bridging emerging and developed markets, focusing on resilience, leadership, and transformation, and laying emphasis on economic diversification and sustainable growth to develop the chemicals sector as aligned with Saudi Vision 2030. He emphasized that trust and joint cooperation is what drives SABIC’s success toward fulfilling its vision to be the preferred world leader in chemicals.