Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) shifted to net profits valued at SAR 1.54 billion in 2024, compared to net losses of SAR 2.77 billion in 2023.
Revenues dropped by 1.10% year-on-year (YoY) to SAR 139.98 billion as of 31 December 2024 from SAR 141.54 billion, according to the financial results.
The earnings per share (EPS) stood at SAR 0.51 last year, against a loss per share of SAR 0.92 in 2023.
Abdulrahman Al Fageeh, CEO of SABIC, commented: “In Q4-24, global GDP saw a slight improvement, reaching 2.83% despite ongoing macro-economic uncertainties. The Manufacturing Purchasing Managers’ Index (PMI) also improved, indicating economic stabilization after four months of contraction.”
“Despite these market conditions, SABIC maintained a stable EBITDA margin, demonstrating its resilience amid difficult market conditions,” Al Fageeh highlighted.
The CEO noted: “Delivering value to shareholders remains a priority, as evidenced by the announced distribution of $2.72 billion in dividends in 2024. Furthermore, SABIC retained its position as the second-most valuable global chemical brand, with a brand value of $4.93 billion.”
As of 30 September 2024, SABIC registered net profits worth SAR 3.43 billion, versus net losses worth SAR 1.04 billion a year earlier.
