“SABIC President”: The results of the third quarter reflect the continued recovery from the impact of the Corona pandemic

“SABIC President”: The results of the third quarter reflect the continued recovery from the impact of the Corona pandemic
“SABIC President”: The results of the third quarter reflect the continued recovery from the impact of the Corona pandemic

Riyadh – Mubasher: Yousef bin Abdullah Al-Bunyan, Vice Chairman and CEO of the Saudi Basic Industries Corporation (SABIC), said that the performance

The company’s financial performance during the third quarter of 2021 reflects the continued recovery from the impact of the Corona pandemic (Covid-19), albeit at a lower level than the exceptionally strong performance during the second quarter.

Al-Benyan added, according to a statement from the company, today, Thursday, that margins moderated in the third quarter due to the increase in feedstock costs, which was offset by an increase in average sales prices.

Today, Thursday, SABIC’s financial results revealed a jump in net profits during the third quarter of 2021, by 412.84%, to reach 5.59 billion riyals, compared to 1.09 billion riyals in the same quarter of last year.

SABIC said in its statement: “Since the completion of Saudi Aramco’s acquisition of 70% of SABIC, the company has focused on moving forward and maintaining the pace of growth, while being keen on maximizing the value resulting from cooperation activities across various fields, and during the first nine months of 2021 AD. SABIC made $350 million as a result.”

Carbon neutrality:

The company stated, according to the statement, that it is committed to the objectives of the Paris Agreement, and will continue to make efforts and explore solutions to achieve carbon neutrality in its operations by 2050, taking into account the ambitions, commitments and various regional and national initiatives.

The company continued: “We also seek to reduce greenhouse gas emissions by 2030 worldwide by 20% compared to 2018 by targeting our direct and indirect emissions from our production processes (Scope 1 and Scope 2 emissions), and we will continue to cooperate With our partners in initiatives to reduce indirect Scope 3 emissions along the value chain.”

future outlook

SABIC pointed out that in light of the results achieved so far; The year 2021 AD is on its way to be the strongest performance of the year 2020, with an expected rate of increase in global GDP growth in 2021 AD between 5.5% and 6%.

She said: “In the fourth quarter, we expect demand to be good, and we also expect feedstock costs to remain high with higher oil prices. We expect to see further moderation in margins in the fourth quarter.”

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