#Yarn & Fiber

2022-05-12

SABIC announces first quarter results 2022

SABIC today reported its earnings for the first quarter of 2022. The company’s revenue for the first quarter 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.

Net income during the first quarter totaled SAR 6.47 billion [$ 1.73 billion]. This was higher than the net income of SAR 4.97 billion [$ 1.32 billion] in the previous quarter and the net income of SAR 4.86 billion [$ 1.30 billion] in the first quarter of 2021.

Yousef Al-Benyan, SABIC Vice Chairman and CEO, 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 added: “As we move forward, we will realize our global growth strategy by capturing competitive feedstock resources and expanding our global presence. In doing so, we will also commit to strengthening our financial position, maintaining our operational resilience, and meeting our ESG requirements.”

Among the major developments this quarter, SABIC announced the successful start-up of the Gulf Coast Growth Ventures (GCGV) world scale manufacturing facility in San Patricio County, Texas. It also completed its purchase of Clariant’s 50% share in Scientific Design, a leading catalysts 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 its Specialties business.

During the first quarter of 2022, SABIC continued to drive greater sustainability and innovation across the global chemicals industry. The company recently introduced a new bio-based and ISSC+ certified LNP™ ELCRIN™ copolymer to help the consumer electronics industry achieve net-zero carbon emission goals.

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

SABIC’s commitment to adopting the highest Environmental, Social and Governance (ESG) Standards was also recognized during the first quarter of 2022, with the company claiming the “Best ESG” Award at the Saudi Capital Market Awards 2021.

Expansive innovations converge in Shanghai as Yarn Expo Autumn 2026 opens doors next week

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Dornbirn GFC 2026 expands conference program with new thematic sessions

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KARL MAYER invites the Global Textile Industry to celebrate its 90th anniversary at its German Headquarters in 2027

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ITMF names three winners of the Sustainability & Innovation Award 2026

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Durak Maxibalance thread supports users’ movement and balance comfort

Durak Tekstil, a leading brand in its industry, has developed Durak Maxibalance, a new product engineered with bio-ceramic and FAR IR technology. Ushering in a new era for sportswear, activewear, and medical textiles, this technology offers features designed to support balance and movement comfort by reflecting the energy absorbed from the body back into it.