Monday, 1 February, 2021 - 12:00
Saudi Basic Industries Corp (SABIC) headquarters in Riyadh, Saudi Arabia (File photo: Reuters) Riyadh - Asharq Al-Awsat
Saudi Basic Industries Corporation (SABIC) ended a difficult year with a net profit of SR2.2 billion, despite the losses incurred during the first three quarters, which were reflected in the global demand for energy products.
In the first quarter of 2020, the company recorded a loss of SR1.04 billion, which further increased during the second quarter to SR2.2 billion, while the situation improved during the third quarter, recording a net profit of SR1.08 billion.
SABIC’s financial results for Q4 of 2020 showed a 104 percent quarter-on-quarter increase in net profit, with revenues amounting to SR32.85 billion and a net profit of SR2.22 billion.
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January 31, 2021
Yousef Al-Benyan, SABIC vice chairman and CEO, announces its revenue and profit for the fourth quarter of 2020.
RIYADH SABIC Sunday announced its revenue for the fourth quarter of 2020 reached SR32.85 billion ($8.76 billion), compared with SR29.30 billion ($7.81 billion) in the previous quarter. Meanwhile, a net profit of SR2.22 billion ($0.592 billion) represented an 104% increase in net income quarter-over-quarter.
The company also confirmed annual profits of SR40 million ($10.67 million). Annual company revenues totaled SR116.96 billion ($31.19 billion), compared to SR135.40 billion ($36.1 billion) in 2019.
Yousef Al-Benyan, SABIC vice chairman and CEO, said: “Despite the challenges posed by COVID-19 throughout last year, we have demonstrated the success of our business model and its ability to enhance our resilience, boost our operational excellence, and strengthen our global supply chain and presence.”
Sabic announces purchase of agri unit by Safco
RIYADH, January 6, 2021 Saudi Basic Industries Corporation (Sabic) has announced the completion of 100% acquisition by Saudi Arabian Fertiliser Company (Safco) of Sabic Agri-Nutrients Investment Company on January 4. Safco issued 59,368,738 ordinary new shares to Sabic valued at SR10 per share at Sabic’s investment portfolio. Sabic’s ownership in Safco post this transaction increase from 42.99% to 50.1%. Sabic had entered into a share purchase agreement with Safco on December 25, 2019, pursuant to which Safco will acquire 100% of the share capital of Sabic Agri-Nutrients Investment Company. The deal comes as a result of the shared vision by Sabic and Safco, to enhance and improve efficiencies through consolidation and realization of synergies. It also envisages considerable opportunities for growth and development of competitive advantages in the global marketplace.