Media ININ Economy We Trust
Media In / Riyadh January 27,
Saudi Basic Industries Corporation (SABIC) announced that it achieved a profit of SR 21.54 billion in 2018, which is attributed to the increase in the rate of production and sales, which increased by 6% compared to last year. The results reflect the improvement in the average selling price of the company’s products, In light of rising oil prices, as well as the success of the transformation initiatives that it is leading to enhance its competitiveness globally.
SABIC Vice President and CEO Yousuf bin Abdullah Al Bunyan said: “The transformation program has a significant role to play and to continue to commit ourselves to rationalizing costs and excellence in our business, so that we will be able to adapt to the new changes in the global petrochemical market.
He pointed out SABIC’s role in promoting global growth to achieve the objectives of our strategy for 2025 by establishing a number of strategic alliances such as ExxonMobil in the United States and Clarent in Switzerland. 2% from the previous quarter, a decline in petrochemical prices has had a significant impact on profitability in the fourth quarter compared to earnings in the previous period of the year.
