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.