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.