SABIC CEO Faisal Alfaqeer said that the company is advancing a number of capital projects in a disciplined way
Saudi Basic Industries Corp. (SABIC) continues to make meaningful progress on its strategic agenda of portfolio optimization, corporate transformation, and selective growth, according to CEO Faisal Alfaqeer. 
In a company statement, he noted that SABIC realized $220 million in EBITDA on a recurring basis in Q1 2026, in line with the planned improvement rates under its transformation program.
He added that the results underscore the company’s commitment to achieving its cumulative 2030 annual target of $3 billion, consisting of $1.4 billion in cost excellence and $1.6 billion in value creation.
Alfaqeer said SABIC is moving ahead with the two transactions announced earlier this quarter, involving an exit from the European petrochemicals business and our engineering thermoplastics business in the Americas and Europe.
“These decisive actions are aligned with our strategy to enhance capital allocation, strengthen SABIC’s financial resilience, and position the company for growth in profitable markets,” he added.
In terms of selective growth, the CEO said that SABIC is advancing a number of capital projects in a disciplined way, with the SABIC Fujian project in China nearing 98% completion.
According to Argaam data, SABIC reported a net profit of SAR 13.2 million in Q1 2026, versus a net loss of SAR 1.2 billion in Q1 2025.
SABIC CEO Faisal Alfaqeer said that the company is advancing a number of capital projects in a disciplined way
Saudi Basic Industries Corp. (SABIC) continues to make meaningful progress on its strategic agenda of portfolio optimization, corporate transformation, and selective growth, according to CEO Faisal Alfaqeer.
In a company statement, he noted that SABIC realized $220 million in EBITDA on a recurring basis in Q1 2026, in line with the planned improvement rates under its transformation program.
He added that the results underscore the company’s commitment to achieving its cumulative 2030 annual target of $3 billion, consisting of $1.4 billion in cost excellence and $1.6 billion in value creation.
Alfaqeer said SABIC is moving ahead with the two transactions announced earlier this quarter, involving an exit from the European petrochemicals business and our engineering thermoplastics business in the Americas and Europe.
“These decisive actions are aligned with our strategy to enhance capital allocation, strengthen SABIC’s financial resilience, and position the company for growth in profitable markets,” he added.
In terms of selective growth, the CEO said that SABIC is advancing a number of capital projects in a disciplined way, with the SABIC Fujian project in China nearing 98% completion.
According to Argaam data, SABIC reported a net profit of SAR 13.2 million in Q1 2026, versus a net loss of SAR 1.2 billion in Q1 2025.
