Saudi Basic Industries Corp (SABIC) has reported solid performance for the first quarter despite current market uncertainties, with its revenue surging to hit $10.6 billion.
During the first quarter, SABIC announced several strategic agreements and developments that helped in continuing the company’s progression towards being the preferred world leader in chemicals.
Last month, SABIC Agri-Nutrients converted feedstock from Saudi Aramco into low-carbon ammonia that was shipped to Japan for use as fuel in power generation.
The shipment, which is a result of successful multiparty cooperation across the low-carbon ammonia value chain, is part of SABIC’s broader strategy to build a world-leading global supply network for the product, the company saod.
Sabic CEO Engineer Abdulrahman Al Fageeh said: “We are closely monitoring the changes and the recovery of the global market demand. New capacities in Q1 2023 are adding more pressure on global prices, while there is limited relief on variable cost.”
“We continue to keep our operating costs under control and maintain our strong balance sheet. Despite current market uncertainties, our determination to deliver on growth, innovation and sustainability remains intact,” stated Al Fageeh.