Saudi Basic Industries Corporation (Sabic), which is 70 percent owned by state oil company Saudi Aramco, turned a profit last year after losing money in 2023.
The profit was SAR1.5 billion ($400 million) compared with a loss of SAR2.8 billion in 2023.
Revenue for the year fell 1 percent to SAR140 billion, and sales volumes dropped 2 percent to 45.1 million metric tonnes (MMT) from 45.9 MMT in 2023. Still, the average selling prices went up 1 percent.
Abdulrahman Al-Fageeh, chief executive officer of Sabic, said the company would spend as much as $4 billion on capital proejcts.
Only three of Saudi Arabia’s 10 listed petrochemical companies – Sabic among them – reported improved earnings in the first nine months of 2024 versus the same period of 2023, AGBI research shows.
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