Saudi Basic Industries Corporation (SABIC) reported a 14 per cent quarter-on-quarter increase in revenue and a 40 per cent rise in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the third quarter of 2026.
Revenue reached SAR28.17 billion ($7.51
billion), while adjusted EBITDA rose to SAR4.75 billion ($1.27 billion),
according to the company’s financial results.
Adjusted earnings before interest and taxes (EBIT) increased 434 per cent quarter-on-quarter to SAR2.17 billion ($580 million).
Adjusted net income stood at SAR840 million ($220 million), compared
with an adjusted net loss of SAR380 million ($100 million) in the previous
quarter.
Adjusted earnings per share reached SAR0.28
($0.07), reversing a loss of SAR0.13 ($0.03) per share in the second quarter.
SABIC’s net debt stood at SAR3.03 billion
($810 million) as of September 30, 2026, compared with SAR2.73 billion ($730
million) at the end of June.
Dr Faisal Alfaqeer, CEO and Executive Member of the Board, said: “In 3Q2026, SABIC
demonstrated exceptional resilience, despite geopolitical developments and
market headwinds, coupled with a clear and robust forward-looking vision and
continued focus on strategic objectives, namely portfolio optimisation,
transformation and selective growth, in efforts to support the company’s
long-term profitability and value creation for shareholders, building on its
historic journey of more than five decades.”
Key developments during the quarter included
SABIC Agri-Nutrients’ final investment decision to build a new ammonia and urea
complex in Saudi Arabia, with annual production capacities of 1.2 million
tonnes of ammonia and 2.6 million tonnes of urea.
The project is expected to increase the
company’s urea production capacity by 54 per cent compared with current levels.
The Ministry of Energy also allocated feedstock
for a new methanol plant in Jubail, with an annual production capacity of 1.8
million tonnes, supporting SABIC’s expansion in strategic markets.
The company completed the divestment of its
engineering thermoplastics business in the Americas and Europe for an
enterprise value of $450 million, as part of its portfolio optimisation
programme.
On transformation, SABIC reported achieving SAR
3.56 billion ($950 million) of the recurring EBITDA impact targeted by 2030,
against an overall goal of SAR 11.3 billion ($3 billion).
The company also secured a 2025 Local Content
Certificate from the Local Content and Government Procurement Authority,
recording a local content score of more than 61 per cent, an increase of over 9
per cent from 2024.
SABIC said efforts to strengthen domestic
industry included several agreements, including a recently signed memorandum of
understanding with Lenovo.
Separately, the company reported a total
recordable incident rate of 0.06 during the quarter, highlighting its continued
focus on workplace safety. -TradeArabia News Service
Send us your company’s news today and they could be featured on ABC’s Community News tommorow.
