SABIC Announces Fourth Quarter 2021 Financial Results

February 8, 2022 - Saudi Basic Industries Corporation (SABIC) recently released its fourth quarter 2021 financial report
.
The company's sales totaled 51.
28 billion riyals ($13.
67 billion) in the quarter, up 17 percent from the previous quarter and 56 percent year-on-year
.
Driven by the increase in sales volume and the increase in the average product price, the company achieved earnings before interest, tax, depreciation and amortization (EBITDA) of 13.
05 billion riyals ($3.
48 billion) this quarter, an increase of 17% from the previous quarter and a year-on-year increase of 95%
.

The company's operating income for the quarter was 8.
63 billion riyals ($2.
3 billion), an increase of 12% from the 7.
7 billion rials ($2.
05 billion) in the previous quarter, and 3.
79 billion rials (1.
01 billion rials) in the fourth quarter of 2020 billion) increased by 128%
.

The company's net income for the quarter was 4.
93 billion riyals ($1.
32 billion), down 12% from 5.
59 billion rials ($1.
49 billion) in the previous quarter and 2.
25 billion rials ($6.
6 billion) in the fourth quarter of 2020 billion) increased by 119%
.

Yousef Al-Benyan, Vice Chairman and Chief Executive Officer of SABIC, said: "SABIC's outstanding performance in the fourth quarter brings the past year to a successful conclusion
.
This is largely due to Our strong operating performance and higher prices for most of our key products
have resulted in improved EBITDA in the fourth quarter of 2021.

"

Al-Bayen continued: "Looking back at 2021, SABIC's strong financial performance continued throughout last year, thanks to favourable market conditions and our focus on capital constraints; our 2050 carbon neutrality roadmap, once again Underscores SABIC's strong commitment to sustainable development; in addition to our climate change ambitions, we continue to drive a circular economy that fully integrates Environmental, Social and Governance (ESG) principles into our business
.
"

In the fourth quarter, SABIC continued to work with Saudi Aramco to create value by focusing on shared synergies
.
SABIC has created a value of $468 million between Aramco's completion of the acquisition of 70% of SABIC and the end of 2021
.
This also confirms SABIC's continuous commitment to creating value and striving to increase the scale of its value creation to between $1.
5 billion and $1.
8 billion by 2025
.

Not only that, SABIC also completed the transformation of its agri-nutrients business during the quarter, establishing SABIC Agri-nutrients, which is committed to becoming a domestic leader and a global leader in the agri-nutrients industry
.
The startup's current focus areas include developing a more effective business strategy, fully advancing R&D projects, sales and supply chain, and attracting and nurturing talent
.

In the fourth quarter, SABIC reached a new milestone in sustainability and innovation, launching a number of circular products that have won the International Sustainability and Carbon Certification (ISCC) Institute Award
.
These include, in particular, SABIC recyclable methanol from the Saudi National Formaldehyde Company plant, a new bio-based line of breakthrough polyetherimide (PEI) material ULTEMTM resin, and recyclable polymers made from chemical recycling of Chihai Plastics
.

Based on its outstanding achievements in sustainable development and innovation, SABIC was also widely recognized in the fourth quarter, winning the 2021 Chemical Weekly Sustainability Award for Best Recycling/Recycling Initiative Award, as well as the third-party evaluation of business sustainability performance.
Platinum Award from the leader EcoVadis
.

In addition, at the prestigious R&D 100 Innovation Awards, SABIC's specialty materials portfolio has also successfully made it into the 2021 "100 Revolutionary Technologies" list, with two seats in the Machinery/Materials category
.

Another highlight of the quarter, SABIC's brand value grew by a massive 16% to $4.
67 billion, solidifying its global brand value ranking
.
Confirmed by Brand Finance, an independent brand valuation consultancy, this growth effectively reinforces SABIC's title as the "Second Most Valuable Brand in the Global Chemical Industry" and its place in the "Top 500 Most Valuable Global Brands" list.
leading position in
.