Saudi Basic Industries Corporation (SABIC) delivered a strong financial rebound in the third quarter of 2026, with revenue rising 14% and adjusted EBITDA jumping 40% quarter-on-quarter, underscoring improving profitability and continued execution of its strategic transformation.

 

The Saudi chemicals giant reported revenue of SAR 28.17 billion ($7.51 billion) for the quarter ended 30 September 2026, while adjusted EBITDA climbed to SAR 4.75 billion ($1.27 billion). Adjusted earnings before interest and tax (EBIT) soared 434% quarter-on-quarter to SAR 2.17 billion ($580 million).

 

SABIC also returned to adjusted net profit of SAR 840 million ($220 million), reversing an adjusted net loss of SAR 380 million ($100 million) in the previous quarter. Adjusted earnings per share improved to SAR 0.28 from a loss of SAR 0.13 in Q2.

 

The recovery came despite geopolitical developments and challenging market conditions. However, net debt edged up to SAR 3.03 billion ($810 million) at the end of September, compared with SAR 2.73 billion ($730 million) at the end of June.

 

Faisal M Alfaqeer, CEO and Executive Member of the Board, said the company had demonstrated resilience while maintaining its focus on long-term profitability and shareholder value.

 

“In 3Q2026, SABIC demonstrated exceptional resilience, despite geopolitical developments and market headwinds, coupled with a clear and robust forward-looking vision and continued focus on strategic objectives, namely portfolio optimization, transformation and selective growth, in efforts to support the company’s long-term profitability and value creation for shareholders, building on its historic journey of more than five decades."

 

Beyond the financial recovery, SABIC highlighted several developments aimed at strengthening its growth prospects and optimizing its portfolio.

 

SABIC Agri-Nutrients has taken the final investment decision on a new ammonia and urea complex in Saudi Arabia. The facility is planned to produce 1.2 million metric tons of ammonia and 2.6 million metric tons of urea annually, increasing the company's urea production capacity by 54% compared with current levels.

 

Separately, the allocation of feedstock by Saudi Arabia’s Ministry of Energy has paved the way for a new methanol plant in Jubail, with planned annual production capacity of 1.8 million tons. The project is intended to support SABIC’s expansion in strategic, profitable markets.

 

The company also completed the divestment of its Engineering Thermoplastics business in the Americas and Europe for an enterprise value of $450 million, advancing its portfolio optimization programme.

 

SABIC said its ongoing transformation programme had delivered SAR 3.56 billion ($950 million) in recurring EBITDA impact toward its 2030 target of SAR 11.3 billion ($3 billion).

 

The company also reported a local content score exceeding 61% for 2025, up by more than 9% compared with 2024, and highlighted agreements intended to strengthen domestic industrial capabilities, including a recently signed memorandum of understanding with Lenovo.