Saudi Basic Industries Corp. (SABIC) CEO Abdulrahman Al-Fageeh said Q4 2024 performance was impacted by higher fixed costs, which typically rise in winter due to increased petroleum product prices. 
Speaking at a press conference on the company’s 2024 results, he told Argaam that sales volumes usually decline in Q4, especially in December.
Al-Fageeh said the petrochemicals sector benefited from looser monetary conditions and lower interest rates in 2024, supporting its recovery.
Challenges remain, including high supply levels pressuring product prices and ongoing geopolitical uncertainties.
He confirmed that the Fujian project in China remains on schedule.
SABIC’s Executive VP for Finance, Salah Al-Hareky, said fluctuations in Clariant’s share price affected Q4 results.
The investment’s valuation depends on Clariant’s stock price at the time of financial statement preparation, leading to gains when the stock rises and losses when it falls.
Excluding this impact, SABIC’s earnings exceeded analysts’ expectations.
According to Argaam, SABIC posted a SAR 1.54 billion net profit for 2024, compared with a SAR 2.77 billion net loss in 2023. However, Q4 2024 net loss stood at SAR 1.89 billion.
Saudi Basic Industries Corp. (SABIC) CEO Abdulrahman Al-Fageeh said Q4 2024 performance was impacted by higher fixed costs, which typically rise in winter due to increased petroleum product prices.
Speaking at a press conference on the company’s 2024 results, he told Argaam that sales volumes usually decline in Q4, especially in December.
Al-Fageeh said the petrochemicals sector benefited from looser monetary conditions and lower interest rates in 2024, supporting its recovery.
Challenges remain, including high supply levels pressuring product prices and ongoing geopolitical uncertainties.
He confirmed that the Fujian project in China remains on schedule.
SABIC’s Executive VP for Finance, Salah Al-Hareky, said fluctuations in Clariant’s share price affected Q4 results.
The investment’s valuation depends on Clariant’s stock price at the time of financial statement preparation, leading to gains when the stock rises and losses when it falls.
Excluding this impact, SABIC’s earnings exceeded analysts’ expectations.
According to Argaam, SABIC posted a SAR 1.54 billion net profit for 2024, compared with a SAR 2.77 billion net loss in 2023. However, Q4 2024 net loss stood at SAR 1.89 billion.
