SABIC reports 2023 results: SAR 141.54bn revenue and SAR -2.77bn net income

Financial results

SABIC reported full‑year 2023 revenue of SAR 141.54 billion ($37.74 billion), a 23% decline versus 2022. Total net income was SAR -2.77 billion, down from SAR 16.53 billion in 2022. Excluding non‑recurring accounting provisions, net income from continuing operations was SAR 1.30 billion.

Hadeed transaction and non‑recurring impacts

The sale of 100% of SABIC’s shares in Hadeed is reflected in non‑recurring provisions and contributed SAR 4.08 billion of non‑cash losses from non‑continuing operations, linked to the fair value of Hadeed’s net assets and its performance in 2023. Management says the sale will secure immediate cash to support SABIC’s chemical growth and strategic portfolio focus.

Investment and projects

SABIC approved a final investment decision for the $6.4 billion SABIC Fujian Petrochemical Complex, a 51:49 JV. The complex will feature a mixed‑feed cracker with expected annual ethylene capacity up to 1.8 million tonnes and multiple downstream units, incorporating nine SABIC technologies, with construction scheduled for completion by the second half of 2026.

Collaborations, sustainability and recognition

SABIC advanced joint work on electrically heated cracker furnaces with BASF and Linde, reaching the milestone of installing the last transformers for the demonstration plant. It joined partners to produce ISCC+ certified polymers from chemically recycled plastic waste and worked with Microsoft on polycarbonate from recycled ocean‑bound plastic. The company won multiple Edison and R&D 100 awards and received Ethisphere’s Compliance Leader Verification™ for 2024 and 2025, while maintaining its position as the second most valuable global brand in the chemical industry value.

Commercial position

CEO Abdulrahman Al‑Fageeh said SABIC maintained its petrochemicals market share globally, with sales around 2% lower than the previous year, and is focusing on expense optimisation and value‑creation opportunities.