Yousef Al-Benyan Vice Chairman and CEO of Saudi Basic Industries Corp. (SABIC)
Yousef Al-Benyan, Vice Chairman and CEO of Saudi Basic Industries Corp. (SABIC), said average product prices jumped 26% year-on-year (YoY) and 3% quarter-on-quarter (QoQ) in the first quarter of 2022.
SABIC has an advantage, thanks to its diversified portfolio of petrochemicals, specialties or agri-nutrients, Al-Benyan told Argaam in Q1 2022 earnings call.
Elsewhere, the CEO clarified that Saudi Iron and Steel Company (Hadeed) reported a net profit of nearly $130 million for the first quarter, hit by higher production costs and raw material prices. Meanwhile, the reliability of plants strengthened the company’s financial position, which bolstered sales in Q1 2022.
Better oil prices were positively reflected on petrochemicals.
Al-Benyan expected the company to maintain its profit this year, compared to 2021, on improved sales volumes.
Commenting on the US Gulf Coast project, the top executive said that the operation of the project is “highly important,” as it will support expanding SABIC’s products scale to reach the United States, a key global market.
On the other hand, Al-Benyan concluded that integration with Saudi Aramco had a positive impact of over $577 million on SABIC.
SABIC reported a net profit after Zakat and tax of SAR 6.5 billion for Q1 2022, a rise of 33% from SAR 4.9 billion in the year-ago period.
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