SABIC losses narrow to $320m in Q1
Commenting on the results, Abdulrahman Al-Fageeh, SABIC CEO, said the loss in the first quarter is attributed to the one-time costs related to business restructuring, which, he stressed, 'will reflect positively on the company's long-term financial results and contribute to controlling its expenses.'
He also pointed out to the slowdown in the global economy and the continued uncertainties that negatively affected the markets, saying that these are some of the reasons for the decline in demand for petrochemical products.
'The oversupply of petrochemicals continues to pressurize product prices and, in turn, profit margins,' he added.
The SABIC CEO commended the company's EHSS performance, highlighting its continued world-class excellence within the petrochemical industry. The first quarter saw an improvement of 17% in the company's Safety, Health, and Environment Rate (SHER), compared to the same period last year.
At a press conference at the company's headquarters in Riyadh on Sunday, Al-Fageeh reviewed the latest developments related to SABIC's operations and activities, reaffirming the company's strong financial standing despite the significant challenges facing the global economy.
He emphasised SABIC's commitment to continue its cost optimisation efforts aimed at boosting efficiency and strengthening competitiveness.
He also highlighted the role of the company's strategic plans and programs in driving further growth across global markets, stressing that all growth projects are progressing in line with their planned timelines.
Al-Fageeh further highlighted the Edison Awards that SABIC received this year for six of its innovative solutions that meet the rapidly changing customer needs in various industrial sectors around the world. SABIC has won this recognition for the fifth consecutive year.
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