Riyadh – Mubasher: Vice Chairman and CEO of the Saudi Basic Industries Corporation (SABIC), Yousef Al Benyan, said the company’s fourth-quarter results were driven by the improving economic activity that led to increased demand on products.

SABIC’s flexible operations and strong international supply chains helped enhance the company's position and path towards long-term growth, he added. 

During the three-month period ended on 31 December 2020, SABIC turned to net profits of SAR 2.22 billion, against net losses of SAR 890 million in the same period a year earlier.

Al Benyan further noted that the focus on sustainability and innovation in the future will continue to be vital for SABIC to realise its long-term growth ambitions.

SABIC expects its sales to grow by 2% to 5% on a yearly basis this year and capital expenses to stabilise.  

In 2020, the company’s profits shrank by 99.2% on an annual basis to reach SAR 40 million.