SABIC Reports Q1 2022 Earnings: Q1 Net Profit Of $1.73 Billion

The company's revenue in the first quarter reached 52.64 billion Saudi Arabian riyals ($14.04 billion), up 3 percent from the previous quarter and 40 percent year-on-year. First-quarter net income totaled 6.47 billion DC ($1.73 billion). This is higher than the net income of 4.97 billion riyals ($1.32 billion) in the previous quarter and 4.86 billion riyals ($1.30 billion) in the first quarter of 2021.

Yousef al-Benyan, SABIC's vice-chairman and chief executive officer, said: "SABIC delivered a strong financial performance in the first quarter, which reinforces the excellent results of the previous quarter. Our financial performance in the quarter was driven by a number of factors, including higher product prices, a diversified portfolio and our strong global presence."

He added: "As we move forward, we will pursue our global growth strategy by securing competitive raw material resources and expanding our global reach. In doing so, we are also committed to strengthening our financial position, maintaining our operational resilience and meeting our ESG requirements."

In a major development during the quarter, SabIC announced the successful start-up of the Gulf Coast Growth Investment Corporation (GCGV) world scale manufacturing facility in SAN Patricio County, Texas. The company also completed the acquisition of a 50% stake in Clariant Technology Design, inc., a leading catalyst producer and licensor of high-performance process technologies. This will unlock new growth potential for SABIC by strengthening and complementing the high-performance capabilities of SABIC's business.

In the first quarter of 2022, SABIC continued to drive sustainability and innovation in the global chemicals industry. The company recently launched a new biology-based and ISSC+ certified LNP™ Elkline ™ to help the consumer electronics industry achieve net zero carbon emissions.

During the reporting period, five innovative technologies created by SABIC were named among the winners of the annual Edison Awards, which recognize the world's most innovative new products, services and business leaders. The awards in four different categories reflect SABIC's diverse range of innovative solutions.

In the first quarter of 2022, SabIC committed to adopting the highest environmental, social and governance (ESG) standards as the company won the "Best ESG" award at the 2021 Saudi Capital Markets Awards.