SABIC, a leader in diversified chemicals, announced a net profit of SAR 2.18 billion ($0.58 billion) for the second quarter of 2024, a significant increase from SAR 0.25 billion ($0.07 billion) in the previous quarter. This growth reflects improved product margins and increased sales volumes, as well as effective management of regional supply chain challenges.
In a statement, CEO Abdulrahman Al-Fageeh noted, “The significant rise in profits is attributed to better product margins and increased sales volumes. This reflects our resilience, innovation, and ability to adapt under the prevailing challenging circumstances.” The company also declared a cash dividend of SAR 5.1 billion ($1.36 billion) for the first half of the year, highlighting its strong financial position and commitment to returning value to shareholders.
SABIC reported substantial improvements in its environment, health, safety, and security (EHSS) performance during the quarter. Al-Fageeh emphasized the company’s focus on safety, stating that SABIC achieved a safety performance record with a safety incident rate of 0.18, down from 0.47 in the same period last year—a 62% improvement.
On May 26, SABIC completed the sale of its stake in the Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund, allowing the company to concentrate on its core operations and contribute to Saudi Arabia’s Vision 2030 initiative.
SABIC was also recognized for its sustainability efforts, receiving a gold medal from EcoVadis, a leader in corporate sustainability ratings. Furthermore, the SABIC Fujian complex was listed among the top 10 investments in China by China Media Group.
In closing, Al-Fageeh reiterated SABIC’s commitment to business growth and innovation, saying, “We are truly honored by the trust of our customers, suppliers, and partners. Their continuous support is the cornerstone of our success.”