Petrochemicals Aramco-owned Sabic turns $400m profit in 2024 By Pramod Kumar February 26, 2025, 11:22 AM Alamy/Ashley Cooper Sabic's plastics factory in Grangemouth, Scotland. Revenue fell 1% to SAR140bn in 2024 Saudi Basic Industries Corporation, a listed petrochemicals company that is 70 percent owned by Saudi Aramco, turned a profit last year after losing money in 2023. Sabic’s profit was SAR1.5 billion ($400 million) in 2024, compared with a loss of SAR2.8 billion in 2023. Annual revenue fell 1 percent to SAR140 billion and sales volumes dropped 2 percent to 45.1 million metric tonnes from 45.9 million in 2023. Still, the average selling price went up 1 percent. Gloomy outlook for Saudi petrochemicals Petrochemicals ‘won’t even get fleeting respite’, analysts warn Borouge profit rises on high-value product sales Abdulrahman Al Fageeh, chief executive of Sabic, said the company would spend as much as $4 billion on capital projects. Only three of Saudi Arabia’s 10 listed petrochemicals companies – Sabic among them – reported improved earnings in the first nine months of 2024 versus the same period of 2023, AGBI research shows. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
