SABIC CEO sees marginal rise in petchem demand

On the sidelines of the press conference held to disclose the Q2 2024 financials, Al-Fageeh said SABIC has a diverse range of specialized and high-value products that are in demand by its clients worldwide.

SABIC, according to the top executive, exports its products to more than 100 countries, focusing on markets with favorable returns, including China.

He cited the Q2 2024 revenue growth to the company’s positive sales operations, as volumes sold 11.4 million metric tons (MMT) during the quarter.

In addition, the significant improvement in product sales margins, especially the company's main products, contributed to the rise in the second-quarter revenues.

Al-Fageeh explained that optimal handling of regional supply chain challenges helped enhance revenues. This reflected SABIC’s flexibility, innovation, and adaptation despite such hurdles.

Elsewhere, SABIC’s CFO Salah Al-Hareky said that given that the Zakat, Tax and Customs Authority (ZATCA) has issued new regulations for employee lendin, the company reversed provisions allocated to the related Zakat expenses, which no longer apply after these rules came into force.

According to data compiled by Argaam, SABIC reported a net profit rise of 32% to SAR 2.4 billion in the first half of 2024, from SAR 1.8 billion a year earlier. In Q2 2024, the petrochemical giant’s bottom line soared to SAR 2.2 billion.