SABIC announces third quarter results 2022

SABIC announces third quarter results 2022

Riyadh: SABIC today reported its earnings for the third quarter of 2022. The company’s revenue for the third quarter reached SAR 46.87 billion [$ 12.50 billion], a 16% decrease quarter-over-quarter and a 7% increase year-over-year.

Net income during the third quarter totaled SAR 1.84 billion [$0.49 billion] was 77% lower than the net income of SAR 7.93 billion [$ 2.11 billion] in the previous quarter, and a 67% decrease compared with the net income of SAR 5.59 billion [$ 1.49 billion] in the third quarter of 2021.

Abdulrahman Al-Fageeh, SABIC’s Acting Chief Executive Officer, said: “With current global conditions, we continue to keep our operating costs under control and maintain our strong balance sheet. Capital discipline remains a focus area and we estimate that we will end the year with 20% less capital expenditure than planned”

Eng. Al-Fageeh continued, “With our partners we announced the start of the construction of the world’s first demonstration plant for large-scale electrically heated steam cracker furnaces - a new technology with the potential to reduce the CO2 emissions of one of the most energy-intensive production processes in the chemical industry by as much as 90%. This shows our ongoing commitment to sustainability and innovation in everything that