Riyadh: SABIC today reported its earnings for the third quarter of 2022. The company’s revenue for the third quarter reached SAR 46.87 billion [$ 12.50 billion], a 16% decrease quarter-over-quarter and a 7% increase year-over-year.

Net income during the third quarter totaled SAR 1.84 billion [$0.49 billion] was 77% lower than the net income of SAR 7.93 billion [$ 2.11 billion] in the previous quarter, and a 67% decrease compared with the net income of SAR 5.59 billion [$ 1.49 billion] in the third quarter of 2021.

Abdulrahman Al-Fageeh, SABIC’s Acting Chief Executive Officer, said: “With current global conditions, we continue to keep our operating costs under control and maintain our strong balance sheet. Capital discipline remains a focus area and we estimate that we will end the year with 20% less capital expenditure than planned”

Eng. Al-Fageeh continued, “With our partners we announced the start of the construction of the world’s first demonstration plant for large-scale electrically heated steam cracker furnaces - a new technology with the potential to reduce the CO2 emissions of one of the most energy-intensive production processes in the chemical industry by as much as 90%. This shows our ongoing commitment to sustainability and innovation in everything that we do”.

SABIC has launched a pilot project with its partners to investigate the possibilities of blockchain technology to support end-to-end digital traceability of certified circular TRUCIRCLE™ feedstock in customer products. SABIC’s pilot is the first of its kind in the industry to trace the product from feedstock production to converter.

For the second consecutive year and announced this quarter, SABIC was named a winner of the 2022 R&D 100 Award, a global science and innovation competition, for three of its Specialties solutions in the Mechanical/Materials category. These include enabling the world’s first Laser Direct Structuring antenna design for 5G infrastructure; contributing to net-zero carbon goals in multiple industries; and helping Advanced Driver Assistance Systems (ADAS) designers improve signal transmission accuracy and reliability.

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ABOUT SABIC

SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products:  chemicals, commodity and high performance plastics, agri-nutrients and metals.

SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy.

SABIC recorded a net profit of SAR 23 billion (US$ 6.15 billion) in 2021. Sales revenues for 2021 totaled SAR 174 billion (US$ 46.6 billion). Total assets stood at SAR 318 billion (US$ 84.9 billion) at the end of 2021. Production in 2021 stood at 58 million metric tons.

The company has more than 31,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 10,090 patents and pending applications, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.