SABIC maintains sales volume despite challenging economic circumstances: CEO

Saudi Basic Industries Corp. (SABIC)’s CEO, Abdulrahman Al-Fageeh, said that the company maintained sales volume during Q2 2023, despite the challenging economic conditions the business environment is going through, not to mention the increased supply of SABIC’s main products.

In a commentary on the company’s financial results, Al-Fageeh added the company achieved the minimum target of synergies with Saudi Aramco two years ahead of time by reaching $ 1.51 billion in accumulative basis.

Al-Fageeh also added that SABIC is committed to innovation and sustainability as key pillars for growth; whereas it completed several projects in the second quarter, underlining its determination to deliver value-added solutions and support markets with critical solutions that contribute to achieving net-zero emissions such as low carbon ammonia.

SABIC continues its capital expenditure management discipline, CEO added, expecting an expenditure volume ranging between $3.3 and $3.8 billion during 2023.

Source : Argaam