SABIC is the use of oil by-products for the production of value-added products such as chemicals, polymers, and fertilizers. What was once released into the atmosphere is now a valuable resource for the production of environmentally friendly, profitable materials.
Therefore, protecting human health and environmental safety is more than a priority for SABIC, it is a fundamental, deep-rooted belief.
SABIC reports that it is already engaged in the implementation of the reduction of plastic waste, improves the processes of using biologically renewable and recycled raw materials, develops solutions to increase the efficiency of resource use in buildings and not only.
In 2019, the company issued a “map” for sustainable development, which outlines goals related to resource efficiency, climate change, food security, infrastructure, and environmental conservation.
The SABIC Sustainability Map, aligned with the United Nations Sustainable Development Goals, is part of the company’s 2025 strategy.
SABIC has committed to reducing energy consumption, greenhouse gas emissions, and water use by 25% by 2025 compared to 2010 levels.
The company reports that out of 17 Sustainable Development Goals developed by the UN, 10 of them were identified by it as strategically important areas in which it can have the most significant positive impact, including lack of hunger, clean water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation, infrastructure, sustainable cities and communities, responsible consumption and production.
In 2016, Saudi Basic Industries Corporation posted a net profit of SR 17,8 billion. The total assets at the end of 2016 amounted to SR 316,9 billion.
SABIC’s total production increased from 35 million metric tons in 2001 to 72.7 million metric tons in 2016.
The company’s revenue for the second quarter of 2019 reached 35,87 billion riyals, which is 4% less compared to the previous quarter and 17% less than the past year. Net income for the second quarter of 2019 amounted to 2,12 billion rials, a decrease of 38% compared with the first quarter of the year.
Yousef Al-Banyan, Vice President and Chief Executive Officer of SABIC commented on the indicators as follows: “The slowdown in global GDP growth coincides with a decrease in petrochemical prices due to a significant increase in new supply capacities, which leads to lower product prices and margins in major grocery products lineups.”
Although lower petrochemical prices adversely affected SABIC results in the second quarter, operating performance remained stable. The company remains optimistic about the fundamentals of the industry in the long run and continues to invest in growth.
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