New capacities in Q1 2023 are adding more pressure on global prices
SABIC has reported its earnings for the first quarter of 2023. The company’s revenue for the first quarter reached $ 10.58 billion. Net income during the first quarter totaled $ 0.18 billion, representing an increase of 124% compared to the previous quarter.
Eng. Abdulrahman Al-Fageeh said of the first quarter 2023 results: “We are closely monitoring the changes and the recovery of the global market demand. New capacities in Q1 2023 are adding more pressure on global prices, while there is limited relief on variable cost. We continue to keep our operating costs under control and maintain our strong balance sheet. Despite current market uncertainties, our determination to deliver on growth, innovation and sustainability remains intact”.
Eng. Al-Fageeh continued, “To that extent, the Shareek program will play a key role in the next growth phase of SABIC. The first package of initiatives was launched during this first quarter of 2023, whereby SABIC will contribute to the transformation of Saudi Arabia into a manufacturing hub for specialized materials through a strategic project to build and manufacture catalysts”
He continued: “Our commitment to innovation and sustainability was demonstrated this quarter through winning three gold and two bronze awards in the prestigious Edison Awards. This is the third consecutive year being recognized, signifying our consistent leadership in new technology development and innovation that supports our continued business growth and a more sustainable planet.”
Over the course of the first quarter in 2023, SABIC announced several strategic agreements and developments that continued the company’s progression towards being the preferred world leader in chemicals.
For one thing, SABIC Agri-Nutrients converted feedstock from Saudi Aramco into low-carbon ammonia that was shipped to Japan for use as fuel in power generation. The shipment, which is a result of successful multiparty cooperation across the low-carbon ammonia value chain, is part of SABIC’s broader strategy to build a world-leading global supply network for the product.
Within the framework of international cooperation, SABIC was named an honorary strategic partner at the Boao Forum for Asia Annual Conference at the end of March. At the conference, Mr. Al-Fageeh called on the international community to increase cross-sector collaboration on sustainable economic growth and advancing a circular economy. He also highlighted opportunities for collaboration with China in expanding global sustainable economic growth and in aligning Saudi Arabia’s Vision 2030 with China’s Belt and Road Initiative.
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