Riyadh: Saudi Arabia’s petrochemical company Sabik has seen a 33% increase in profits. The company also won the Best Environmental, Social and Governance Award at the Saudi Capital Market Awards in 2021.

According to the Saudi website, Saudi petrochemical company Sabik reported a 33% increase in first quarter profits, with sales increasing by 40% to 53 billion riyals.

According to the Saudi Stock Exchange filing, profits rose to 6.47 billion riyals in the last quarter from 4.9 billion riyals in the same quarter a year ago.

The company attributed the strong results to higher average sales prices, a 3% increase on a quarterly basis, as well as an increase in sales volume.

Youssef Al-Banyan, CEO of SABIC, said that the results of SABIC’s first quarter have been strong due to continued demand for our products, high oil prices and our diversified global portfolio.

He said that in 2022, SABIC will always focus on maintaining its strong balance sheet, achieving its growth strategy, operational flexibility and fulfilling its environmental, social and governance commitments.

In significant developments this quarter, SABIC announced the successful launch of Gulf Coast Growth Ventures, a global manufacturing facility in San Patricio County Texas.

SABIC has also completed the purchase of a 50% stake in Clarinet in Scientific Design, a leading catalyst producer and licensor of high-performance process technologies.

Sabik also won the Best Environmental, Social and Governance Award at the 2021 Saudi Capital Market Awards.