Home / Knowledge / News / Textiles / Sabic posts SAR 5.63 bn profit for 2019

Sabic posts SAR 5.63 bn profit for 2019

Feb '20
Pic: Sabic
Pic: Sabic
Saudi Basic Industries Corp (Sabic), a global leader in chemicals, registered annual profits of SAR 5.63 billion ($1.5 billion) for FY19. Company's revenue in Q4 was SAR 32.81 billion ($8.75 billion) compared to SAR 33.69 billion ($8.98 billion) in Q3. Net loss of SAR 0.72 billion ($0.19 billion) represented a decrease in net income quarter-over-quarter. 
"The petrochemical industry was negatively impacted in 2019 by additional new supply in key products coming on-stream coupled with a moderation in global growth compared to 2018. However, our strong focus on cost controls and safe and reliable operations mitigated some of these negative factors in 2019. This is evident by the 5 per cent reduction in our SG&A in 2019 compared to 2018," Yousef Al-Benyan, Sabic vice chairman and CEO, said in a press release.
The company has reported sustainability and innovation as critical success factors and drivers for the growth of Sabic's brand value which increased by 9.3 per cent to $4.33 billion in the last year, according to the independent brand valuation consultancy, Brand Finance.
In order to increase the efficiency and competitiveness of its global operations, Sabic merged its two wholly-owned affiliates, Saudi Petrochemical Company (SADAF) with its wholly-owned affiliate Arabian Petrochemical Company (PETROKEMYA) last year. 
"We are in a cyclical industry and the challenges are not new to Sabic. Our strategy is geared towards stable and long-term growth; and enables us to remain resilient to the headwinds," Al-Benyan said.

Fibre2Fashion News Desk (JL)

Must ReadView All

Pic: Shutterstock

Textiles | On 13th Apr 2021

Indonesia's textiles industry gears up for Industry 4.0

Indonesia's textiles industry, among others, is getting ready to...

Pic: Azamat Imanaliev / Shutterstock.com

Apparel/Garments | On 13th Apr 2021

Output & profit of Chinese garment firms rise in Jan-Feb '21

Showing further recovery, garment enterprises in China saw their...

Pic: Shutterstock

Apparel/Garments | On 13th Apr 2021

Increasing scrutiny to create challenges for apparel industry: Moody's

Apparel production practices have a significant impact on the...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Textile Industry, Head honchos

Textile Industry
Head honchos

Wearables have very limited reach

Vikram Juneja,

Vikram Juneja

Jaquard is a training institute providing a highly specialised training...

Dr. Vijaya Kumar,

Dr. Vijaya Kumar

Dr MM Kariappa founded the Vogue Institute of Art & Design in 1996....

Nick Isles,

Nick Isles

The Condé Nast College of Fashion & Design or CNC as it is known as,...

Silverio Baranzano, Fitesa

Silverio Baranzano

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Daniel Kaye, RocketLife

Daniel Kaye

<div>RocketLife, an award-winning developer of breakthrough visual...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

April 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search