Saudi Press

Saudi Arabia and the world
Thursday, Aug 28, 2025

SABIC’s revenue rises by 13% to $53bn in 2022

SABIC’s revenue rises by 13% to $53bn in 2022

Saudi Basic Industries Corp. has reported a 13 percent rise in total revenue to SR198.47 billion ($52.88 billion) in 2022, up from the SR174.88 billion recorded in 2021.
According to a bourse filing, however, the company’s net profit fell by 28.35 percent to SR16.53 billion in 2022, due to a lower profit margin amid rising distribution costs.

“SABIC 2022 results remain strong despite challenging market conditions. Our sales volumes continue to grow, exceeding the previous year’s sales by 9 percent and driven by growth projects, improved reliability, inventory optimization and synergies with Saudi Aramco,” said Abdulrahman Al-Fageeh, SABIC’s acting CEO.

In a statement given to the Saudi stock exchange, SABIC said the decrease in its net income is mainly attributable to lower profit margins for most of its key products which were driven by higher feedstock prices in addition to an increase in selling and distribution costs.

The company’s earnings before interest, taxes, depreciation and amortization for 2022 stood at SR38.57 billion, a 20 percent fall compared to 2021.

The Tadawul statement further noted that SABIC’s income from operations was SR23.88 billion in 2022, 29 percent lower than the previous year.
Compared to the third quarter of 2022, revenue decreased by 8 percent to SR42.98 billion in the fourth quarter, while net income fell 84 percent to SR290 million.

During a press conference after announcing the financial results, SABIC said that prices across the main petrochemicals segments, chemicals, polyethylene and performance polymers came in lower in the fourth quarter, and added that the margins are expected to continue being under pressure in the first half of 2023, primarily due to slow demand.

SABIC also reaffirmed its commitment to ensuring sustainability during the press conference.

Highlighting its operations in the renewable energy sector, SABIC said that it shipped 50 kilometer tons of blue ammonia from Saudi Arabia to South Korea, representing a new milestone in the development of decarbonization solutions.

Al-Fageeh added: “We are unveiling a target of one million metric tons of TRUCIRCLE solutions by 2030, which shows our ongoing commitment to sustainability and innovation. Driving circularity for plastics requires a rapid transformation of the entire value chain.”

According to Al-Fageeh, SABIC’s focus on capex discipline resulted in 7 percent below 2021 spend.

“Maximizing shareholder returns remains a priority with 6.25 percent higher declared cash dividend in 2022,” he added.

SABIC, in its statement, further pointed out that the global gross domestic product growth rate in 2023 is now estimated at 2.1 percent.

It was in June 2020 that energy giant Saudi Aramco bought a 70 percent stake in SABIC from Saudi Arabia’s sovereign wealth fund.

During the press conference, the company said that synergies associated with its ties to Saudi Aramco through 2022 were worth $735 million.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
×