SABIC President to Asharq Al-Awsat: The Ukrainian Crisis has Pushed the Diversification of our Products

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Gulf
  • Date: 13-May-2022
  • Source: Asharq AL-awsat
  • Sector: Economy
  • Country: Gulf
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SABIC President to Asharq Al-Awsat: The Ukrainian Crisis has Pushed the Diversification of our Products

Youssef Al-Benyan, Vice Chairman and CEO of SABIC, said that the Russian-Ukrainian war has strengthened the diversification of the company’s products and boosted its financial and economic strength, which was reflected in its performance results in the first quarter of 2022.

In remarks to Asharq Al-Awsat during a press conference on Thursday, Al-Benyan noted that the Russian-Ukrainian crisis had an impact on the prices of energy and some agricultural products, noting that SABIC was not directly affected by the events.

He stressed, however, that the current crisis, in addition to the Covid-19 pandemic, has pushed the company to diversify its products and increase its presence in major international markets.

On Thursday, SABIC reported its earnings for the first quarter of 2022. The company’s revenue for the said period reached SAR 52.64 billion ($14.04 billion), representing an increase of 3% compared to the previous quarter and a 40% increase year-on-year.

In comments, Al-Benyan said: “SABIC’s Q1 financial performance was robust, building further on last quarter’s good results. Our financial performance this quarter was driven by several factors, including higher product prices, our diversified portfolio and our strong, global presence.”

He continued: “As we move forward, we will realize our global growth strategy by capturing competitive feedstock

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