Saudi Basic Industries Corp (SABIC) reported on Tuesday its earnings for the second quarter of 2022. The company’s revenue for the second quarter reached SAR 55.98 ($ 14.93 billion), marking an increase of 6% compared to the previous quarter and a 32% increase year-on-year.
Net income during the second quarter totaled SAR 7.93 billion ($ 2.11 billion). This is higher than both the net income of SAR 6.47 billion ($ 1.73 billion) in the previous quarter and the net income of SAR 7.64 billion ($ 2.04 billion) in the second quarter of 2021.
SABIC’s Vice Chairman and Chief Executive Officer Yousef Abdullah Al-Benyan said: "The second quarter strong financial results demonstrate SABIC’s robust operational performance across the different segments."
"Our commitment to sustainability and innovation was evident through winning two silver and three bronze awards in the prestigious Edison Awards. These awards also reflect our commitment to helping achieve our long-term objective of carbon neutrality by 2050," he stressed.
"Distributing dividends to our shareholders remains a priority for SABIC. In June 2022, SABIC’s board approved a cash dividend distribution of SAR 2.25 per share for the first half of 2022, approximately 29 % higher than the cash dividend distribution of SAR 1.75 per share for the first half of 2021," he added.
To maintain the company’s growth and marketing momentum, SABIC continued to invest in sustainable business solutions and strategic partnerships that deliver innovative technology to customers around the world.
Among the major developments this quarter in its TRUECIRCLE™ portfolio of circular products and services were the launch of the world’s first packaging-label materials made from polypropylene based on advanced recycled ocean-bound plastic.
In July, SABIC also obtained the world’s first independent certification recognizing blue ammonia production.
SABIC also continued to innovate its products throughout the course of the second quarter. In May, it introduced a new upcycled LNP™ ELCRIN™ IQ resin made with ocean-bound plastic waste to help reduce pollution and support a global circular economy.
The company also announced a new cement enhancement solution – carbon black grade N330 – that will improve the quality and strength of future concrete-based infrastructure in Saudi Arabia.
In June, SABIC introduced BLUEHERO™, an integrated portfolio of automotive products and services aimed at accelerating the world’s energy transition to electric power.
Moreover, SABIC launched a long-term innovation partnership with Formula E, the world’s first net-zero sport ahead of the 2022 London E-Prix, where SABIC debuted its title sponsorship of the race.
Over the course of the reporting period, SABIC strongly delivered on its Corporate Social Responsibility objectives, investing $19.2 million across 45 different programs, including community partnerships with Jazan Autism Center, the International Conference and Exhibition for Education, and the Saudi "Sports for All Federation."
