Saudi Basic Industries Corporation (Sabic), a leading global petrochemicals giant, has reported solid performance for the first quarter despite current market uncertainties, with its revenue surging to hit SR39.69 billion ($10.6 billion).

Announcing the results for the three-month period ended March 31, 2023, Sabic said its net income soared to SR0.66 billion, representing an increase of 124% compared to the previous quarter.

Over the course of the first quarter, Sabic announced several strategic agreements and developments that helped in continuing the company’s progression towards being the preferred world leader in chemicals.

For one thing, Sabic Agri-Nutrients converted feedstock from Saudi Aramco into low-carbon ammonia that was shipped to Japan for use as fuel in power generation.

The shipment, which is a result of successful multiparty cooperation across the low-carbon ammonia value chain, is part of Sabic’s broader strategy to build a world-leading global supply network for the product.

Sabic CEO Engineer Abdulrahman Al Fageeh said: "We are closely monitoring the changes and the recovery of the global market demand. New capacities in Q1 2023 are adding more pressure on global prices, while there is limited relief on variable cost."

"We continue to keep our operating costs under control and maintain our strong balance sheet. Despite current market uncertainties, our determination to deliver on growth, innovation and sustainability remains intact," stated Al Fageeh.

Al Fageeh said the first package of initiatives was launched during this Q1, whereby Sabic will contribute to the transformation of Saudi Arabia into a manufacturing hub for specialized materials through a strategic project to build and manufacture catalysts.

"Our commitment to innovation and sustainability was demonstrated this quarter through winning three gold and two bronze awards in the prestigious Edison Awards," he noted.

"This is the third consecutive year being recognized, signifying our consistent leadership in new technology development and innovation that supports our continued business growth and a more sustainable planet," he added.-TradeArabia News Service