The Net Income Of SABIC For Q1 2023 Has Been Reported As USD 0.18 Billion, An Increase Of 124% Compared To The Previous Quarter

SABIC Net Income and Total Revenue Rises

SABIC recently announced its Q1 2023 net income, which stood at USD 0.18 billion (after expenses). The company's total revenue was USD 10.58 billion. Looking at the results, it can be concluded that SABIC's net income witnessed growth from its previous quarter by 124 percent.

According to SABIC's CEO and Executive Member of the Board of Directors, Eng. Abdulrahman Al-Fageeh, the company is keenly observing their financial results as well as the demand recovery worldwide. At present, newly launched capacities in Q1 2023 are pressuring global prices; however, there's minimal relaxation on variable prices.

The company is concentrated on keeping the cost of operations contained and keeping the balance sheet strong. All things considered, they are focused on innovating, growing and being sustainable.

He further explained how the launch of the Shareek Program would play a vital role in the growth phase of 2023. The Program's initial package, launched in the first quarter of the current year, will convert Saudi Arabia into a production hub for specialised material with the help of a well-thought-out plan for building catalysts. He further stressed the company's latest achievements, like winning 3 gold and 2 bronze medals in the prestigious Edison Awards.

According to the Procurement Resource article, it can be deduced that SABIC has achieved exceptional financial growth compared to the previous years. The company is also focused on many strategic accords and programs, which are expected to put the company on top of the world chemical leaders.