SABIC, a global leader in diversified chemicals, has announced its financial results for the second quarter of 2024, reporting a net profit of SAR 2.18 billion ($0.58 billion), a substantial increase from SAR 0.25 billion ($0.07 billion) in the first quarter of 2024.
Abdulrahman Al-Fageeh, SABIC CEO and Executive Board Member, stated, “The significant rise in profits is attributed to better product margins, increased sales volumes, and effective management of supply chain challenges in the region. This reflects our resilience, innovation, and ability to adapt under prevailing challenging circumstances and meet the demands of our customers worldwide.”
The company declared a cash dividend of SAR 5.1 billion ($1.36 billion) for the first half of the year, highlighting its robust financial position and commitment to shareholder returns. SABIC also realized cumulative benefits of over $2 billion from synergies with Saudi Aramco.
In addition to financial performance, SABIC achieved significant milestones in environment, health, safety, and security (EHSS). Al-Fageeh noted a substantial improvement in EHSS performance during the second quarter, underscoring SABIC’s commitment to maintaining a world-class safety record. The company’s safety performance improved significantly, with a SHER of 0.18 in Q2 2024 compared to 0.47 in the same period last year, representing a 62% improvement.
On May 26, SABIC obtained all required approvals from competent authorities and fulfilled all requirements to complete the sale of its stake in the Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF). This strategic divestment allows SABIC to focus on its core portfolio and contribute to Saudi Arabia’s Vision 2030.
SABIC’s sustainability leadership was also recognized in Q2, receiving a gold medal from EcoVadis, a global leader in corporate sustainability ratings. Additionally, the SABIC Fujian complex was ranked among the top 10 investments in China by China Media Group.
Al-Fageeh concluded his statement by emphasizing SABIC’s ongoing commitment to business growth, providing innovative solutions to customers, and enhancing research and development capabilities. “We are truly honored by the trust of our customers, suppliers, and partners. Their continuous support and trust in us are the cornerstones of our success.
