RIYADH — Saudi Basic Industries Corporation (SABIC) reported on Thursday its earnings for the first quarter of 2022.

The company’s revenue for the quarter reached SR52.64 billion ($14.04 billion), representing an increase of 3% compared to the previous quarter and a 40% increase year-on-year.

The net income during the first quarter totaled SR6.47 billion ($1.73 billion). This was higher than the net income of SR 4.97 billion ($1.32 billion) in the previous quarter and the net income of SR4.86 billion ($1.30 billion) in the first quarter of 2021.

SABIC Vice Chairman and CEO Yousef 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 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 Environmental, Social, and Governance (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 reflect 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. — SPA