Saudi Basic Industries Corporation is one of the largest petrochemical manufacturers in the world. It makes metals, chemicals, plastics, which are used in construction, packaging, medicine, electrics, agriculture, transport, and other fields.
The Saudi government holds 70% of the company's shares, and 30% are traded on the Tadawul exchange. Among its subsidiaries: SABIC Industrial Investments Company, Saudi European Petrochemical, Arabian Petrochemical, Fiber Reinforced Thermoplastics. Not so long ago, the company increased its stake in Ar-Razi to 75%. A joint petrochemical project with ExxonMobil is also planned.
Saudi Basic Industries Corporation has many research centers around the world, which are located in the USA, the Middle East, Europe, Southeast, and Northeast Asia. The company invests a considerable share of innovative technologies. SABIC employees include hundreds of scientists working to improve petrochemical production.
Thanks to the developed infrastructure, innovative and distribution centers, offices, warehouses around the globe, and numerous customers in the field of necessities, the company is present in the life of every person. Such a global impact on the environment, so the company is aware of its responsibility for its conservation.
Over the past few years, SABIC has been working on developments that will help reduce plastic waste and increase resource efficiency. The company is also working on the creation of biologically renewable raw materials.
In 2019, Saudi Basic Industries Corporation unveiled a sustainable development map to the public. It sets out decisions on topical environmental topics. Such as resource efficiency, climate change, environmental conservation.
The SABIC development map is consistent with UN goals and is part of the 2025 strategy.
The company's priorities are to reduce energy consumption and greenhouse gas emissions into the atmosphere.
Of the 17 Sustainable Development Goals set by the UN to save the planet, SABIC has identified ten that it can influence. The company announces that it can contribute to the fight against hunger, the supply of clean water and affordable energy, the provision of jobs, economic growth, industry and infrastructure, innovative developments, sustainable cities, and responsible consumption.
In 2016, the company's profit amounted to SR 17.8 billion, and the total amount of assets - SR 316.9 billion. Production volume increased to 72.7 million metric tons.
Revenues for the second quarter of 2019 amounted to 35.87 billion riyals, which is 4% less than in the previous quarter and 17% less than last year. The amount of net profit for the second quarter of 2019 is 2.12 billion rials, which is 38% less compared to the first quarter of 2019.
SABIC's chief executive officer, Yussef al-Benyan, attributes the drop in revenue and net profit to the slowdown in global GDP growth, which is associated with lower petrochemical prices. Also, a decrease in financial indicators is correlated with an increase in supplies and lower costs for products.
Despite this, the company's operating performance is stable, and Saudi Basic Industries Corporation is optimistic about the industry in which it operates.