SABIC maintains sales volume despite challenging economic circumstances: CEO

Abdulrahman Al-Fageeh, CEO of SABIC

Saudi Basic Industries Corp. (SABIC)’s CEO, Abdulrahman Al-Fageeh, said that the company sustained its sales volume during Q2 2023, despite the challenging economic conditions and an increase in the supply of its main products. 

In a statement on the company’s financial results, Al-Fageeh added that the company achieved the minimum target of combined synergies with Saudi Aramco two years ahead by reaching $1.51 billion.  

The CEO added that SABIC is committed to innovation and sustainability, which are the key pillars of growth. 

The petrochemical major completed several projects in the second quarter, confirming its determination to deliver value-added solutions and support markets with critical solutions to achieve net-zero emissions such as low-carbon ammonia.

SABIC continues its capital expenditure management discipline, Al-Fageeh added, expecting an expenditure volume ranging between $3.3 and $3.8 billion during 2023. 

According to data available with Argaam, SABIC’s profit declined 87% to SAR 1.8 billion in H1 2023, compared to SAR 14.4 billion a year ago. The company’s Q2 2023 net profit stood at SAR 1.2 billion.