Saudi’s Sabic expects business performance to be positive in Q1
31 Jan 2021 The Chief Executive of Sabic, Yousef Abdullah Al Benyan, speaks during a news conference in Riyadh, Saudi Arabia. Reuters Saudi Basic Industries Corp (Sabic), the world’s fourth-biggest petrochemicals firm, expects business performance to be positive in the first quarter of 2021 after an uptick in chemical prices but remains cautious given COVID-19 uncertainty, its CEO said on Sunday.
Saudi Aramco’s acquisition of a 70 per cent stake in Sabic will have a financial benefit worth $3 billion to $4 billion, Yousef Abdullah al-Benyan told reporters on a virtual news conference.
JEDDAH: Saudi Basic Industries Corporation (SABIC) has forecast that its annual share of combined synergy with Saudi Aramco will total SR5.63 to 6.75 billion ($1.5 to 1.8 billion) by 2025.
Saudi Aramco, the world’s largest oil company, acquired a 70 percent stake in SABIC from the Saudi sovereign wealth fund for $69.1 billion in June 2020.
During a virtual press conference on Sunday, Yousef Al-Benyan, SABIC CEO and vice-chairman, said the combined revenue of the two petrochemical companies would measure between $3 to $4 billion by 2025.
“SABIC’s collaboration with Saudi Aramco represents an excellent opportunity for both companies to align and harness their synergies for their mutual benefit and for the benefit of respective customers, stakeholders and shareholders,” Al-Benyan said in a press release.
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.”
January 28, 2021
Yousef Al-Benyan, SABIC vice chairman and CEO.
Yousef Al-Benyan, SABIC vice chairman and CEO, during a panel discussion in the Future Investment Initiative (FII) in Riyadh on Wednesday.
RIYADH “COVID-19 accelerated business trends, innovations and global citizenship in profound ways.” That was the message from Yousef Al-Benyan, SABIC vice chairman and CEO, as leaders, investors and policymakers participated in the Future Investment Initiative (FII) in Riyadh on Wednesday.
Now in its fourth year, the conference was hosted by the FII Institute, a newly established non-profit global foundation, at the King Abdul Aziz International Conference Center (KAICC) in Riyadh, with speakers and audiences joining physically and virtually from FII satellites in New York, Paris, Beijing and Mumbai.
What changes to economic systems will 2021 bring? Here’s what business leaders say
With more than 2 million COVID-19 deaths worldwide and rising, getting the virus under control is a top priority for 2021.
However, full recovery is dependent not only on addressing the health crisis, but also the long-term economic impacts – and in an equitable, inclusive and sustainable way.
“Facing the ongoing public health crisis of COVID-19 and the pandemic’s lasting effects on the global economy, policy-makers around the world must take this moment to reflect not just on the immediate recovery, but on how this time can be used to transform their economic systems,” wrote the Forum’s Managing Director Saadia Zahidi.