Sabic signs deal to develop Estidamh business
RIYADH, 3 hours, 9 minutes ago Saudi Arabia’s Sabic, a global chemical manufacturing company has signed an agreement with the National Research & Development Centre for Sustainable Agriculture (Estidamh) to manage and develop the centre’s business in Riyadh. Abdulrahman Al-Fadley, Minister of Environment, Water and Agriculture and Chairman of Estidamah board of members, and Sabic Vice Chairman & CEO Yousef Al-Benyan signed the agreement. The new five-year agreement is effective from July 25, 2021, following the expiry of an arrangement agreed upon by Sabic and the Ministry of Environment, Water and Agriculture (MEWA) in 2016 under which the former was mandated to run Estidamah for five years, which ends on July 24, 2021.
Sabic reports key sustainability achievements in 2020
RIYADH, April 28, 2021 Sabic has secured important reductions relating to sustainability during 2020 in flaring emissions (56%), material loss intensity (46.3%), green-house gas intensity (15.5%) and energy intensity (10.5%) compared to 2010 baselines. Sabic also contributed over $33.4 million in monetary and in-kind donations to support the Covid-19 response, delivered across 212 activities and reaching more than 35 million people in five continents, the company said in its 2020 Sustainability Report Now in its 10th year and entitled ‘Thriving Responsibly’, the report outlines how the company’s actions are advancing the circular economy; addressing climate change; and embedding environmental, social and governance (ESG) principles into every aspect of the business.
Sabic rebounds with net profit of $1.3bn in Q1
RIYADH, 5 hours, 58 minutes ago Saudi Basic Industries Corp (Sabic), a global leader in chemicals, said that its net profits during the first quarter (Q1) of the year reached SR4.86 billion ($1.30 billion), rebounding from a net loss of SR1.05 billion in Q1 2020 on the back of higher prices and margins. This was higher than the net profits of SR2.25 billion [$0.60 billion] in the previous quarter, it added. The company’s revenue for the first quarter reached SR37.53 billion ($10.01 billion), representing an increase of 14% compared to the previous quarter and a 24% increase year-on-year.
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