HZ info:On February 26th, SABIC announced its financial performance for 2024, with a net profit of 1.5 billion Saudi riyals (approximately 2.91 billion RMB), compared to a net loss of 2.8 billion Saudi riyals in 2023.

SABIC CEO Eng Abdulrahman Al Fageeh emphasized the company's ability to maintain strong performance and profitability when commenting on its performance. He said, "Despite the challenges faced by the petrochemical industry, SABIC's operations and business have demonstrated consistent resilience, and we continue to provide a robust and stable EBITDA margin.

At a press conference held at the company headquarters, Eng. Abdulrahman Al Fageeh emphasized that the company attaches great importance to workplace safety in 2024, with a reported Total Recorded Accident Rate (TRIR) of 0.09, an 18% improvement from 2023, reflecting its firm commitment to best practices and operational excellence.

Eng. Abdulrahman Al Fageeh emphasized SABIC's continued growth in an interview with reporters and stressed that the company is moving in the right direction as planned. He outlined his expansion projects, including the Zhongsha Gulei Ethylene Project with a total investment of 24 billion Saudi riyals, Saudi Arabia's Methyl Tertiary Butyl Ether (MTBE) project, South Korea's SK Nexlene 40% capacity expansion project, and the newly built ULTRAM in Singapore last year ™ Resin manufacturing factory.

Among them, SABIC's ULTRAM built in Singapore ™ The investment amount for the resin production plant is 170 million US dollars (approximately 220 million Singapore dollars).

Eng. Abdulrahman Al Fageeh also mentioned that SABIC's hydroprocessing unit in the Netherlands has been successfully put into operation and completed the first batch of pyrolysis oil treatment, as well as the company's electric heating steam cracking unit project in cooperation with BASF and Linde has also been completed and put into operation.

Among them, the demonstration plant of electric heating steam cracking unit jointly operated by BASF, SABIC and Linde is the world's first large-scale electric heating steam cracking unit. After three years of development, design, and construction work, the demonstration factory has started normal operation at BASF's integrated chemical plant in Ludwigshafen, Germany. In March 2021, three companies signed a joint agreement to develop and demonstrate an electric heating steam cracking unit solution.

When talking about coordinated development with Saudi Aramco, Eng. Abdulrahman Al Fageeh pointed out that SABIC has achieved synergy benefits of $2.57 billion (9.66 billion Saudi riyals) so far. In addition, SABIC has strengthened its focus on core business and efficient capital allocation, completing the sale of Hadeed and Alba, as well as the sale of Functional Forms business specializing in the production of plastic films and sheets.

SABIC launched 135 new products in 2024, strengthening its market share and customer intimacy, marking an important step in its innovation strategy. The company also reported a 5% year-on-year increase in its net recommendation value, reflecting its commitment to quality and customer engagement.

SABIC has won multiple renowned global awards in various fields, which is outstanding proof of its innovation and excellence. In its latest honors, the company received a gold award from EcoVadis, five Edison Invention Awards, and two R&D 100 R&D Awards.

SABIC has further strengthened its industry leadership position, and according to the Brand Finance ranking, SABIC has maintained the second place on the global chemical industry brand value list for the fifth consecutive year. This sustained global recognition highlights the company's growing positive views among partners, customers, and stakeholders.