SABIC’s strong Q2 2022 financials reflect robust performance across segments: Al-Benyan

Yousef Al-Benyan, SABIC’s Vice Chairman and CEO

Saudi Basic Industries Corp.’s (SABIC) strong financial results in the second quarter of 2022 demonstrate the company’s robust operational performance across various segments, said Vice Chairman and and CEO Yousef Al-Benyan.

In a statement commenting on the three-month results, the petrochemical giant stated that average sales prices increased by 3% compared with the first quarter of 2022, while sales volumes also rose by 3%.

It added that average sales prices grew by 26% year-on-year (YoY) and sales volumes increased by 10% YoY during the first six months of 2022.

According to the statement, the gross domestic product (GDP) is estimated to grow by 2.5-2.8% compared with 3.2-3.6% previously.

“Due to a slowdown in global GDP growth, lockdowns in China, conflict in Europe and the continued supply chain challenges, we expect margins to be under pressure in the second half of 2022,” Al-Benyan said.

In Q2 2022, SABIC’s net profit after Zakat and tax grew by 4% to SAR 7.9 billion, from SAR 7.64 billion in the prior-year period. This is the company’s largest profit since Q3 2011, when it reached SAR 8.2 billion, according to data compiled by Argaam.