Saudi Basic Industries Corp (SABIC)’s revenue for the second quarter of fiscal 2022 reached SAR 55.98, representing an increase of 6 per cent compared to the previous quarter and a 32 per cent increase year-on-year. Net income during the second quarter was SAR 7.93 billion. This is higher than the net income of SAR 6.47 billion in the previous quarter.

“The second quarter's strong financial results demonstrate SABIC’s robust operational performance across the different segments. Our commitment to sustainability and innovation was evident through winning two silver and three bronze awards in the prestigious Edison Awards. These awards also reflect our commitment to helping achieve our long term objective of carbon neutrality by 2050,” Yousef Abdullah Al-Benyan, SABIC’s vice chairman and chief executive officer, said.

To maintain the company’s growth and marketing momentum, SABIC continued to invest in sustainable business solutions and strategic partnerships that deliver innovative technology to customers around the world. Among the major developments this quarter in its TRUECIRCLE portfolio of circular products and services were the launch of the world’s first packaging-label materials made from polypropylene based on advanced recycled ocean-bound plastic. In July, SABIC also obtained the world’s first independent certification recognising ‘blue ammonia’ production.

“Distributing dividends to our shareholders remains a priority for SABIC. In June 2022, SABIC’s board approved a cash dividend distribution of SAR 2.25 per share for the first half of 2022, approximately 29 per cent higher than the cash dividend distribution of SAR 1.75 per share for the first half of 2021,” Al-Benyan continued.

SABIC also continued to innovate its products throughout the course of the second quarter. In May, it introduced a new upcycled LNP ELCRIN IQ resin made with ocean-bound plastic waste to help reduce pollution and support a global circular economy, the company said in a press release.

Fibre2Fashion News Desk (RR)

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