Saudi Basic Industries Corp., also known as SABIC has appointed Abdulrahman Al-Fageeh as its new CEO, effective from March 21, 2023, said Arabnews.
Al-Fageeh has been working with SABIC as the acting CEO since Yousef Abdullah Al-Benyan stepped down in September 2022. The decision to appoint Al-Fageeh was made after the board of director resolution on March 21, SABIC said in a regulatory filing on the Saudi stock exchange.
In the statement, SABIC noted that Al-Fageeh is currently the chairman of SABIC Agri-Nutrients Co. and the Nusaned Investment Co. He is also the Chairman of the Gulf Petrochemicals and Chemicals Association and the Chairman of the Petrochemical Manufacturers Committee.
Al-Fageeh is on the Board of the Royal Commission for Jubail and Yanbu and is also a board member of the Saudi General Authority of Foreign Trade. Al-Fageeh has been named the CEO of SABIC, just a few days after the company reported a 13 percent rise in total revenue to SR198.47 billion (USD52.88 billion) in 2022, up from the SR174.88 billion recorded in 2021.
SABIC’s net profit, however, fell by 28.35 percent to SR16.53 billion in 2022, due to a lower profit margin amid rising distribution costs.
"SABIC 2022 results remain strong despite challenging market conditions. Our sales volumes continue to grow, exceeding the previous year’s sales by 9 percent and driven by growth projects, improved reliability, inventory optimization and synergies with Saudi Aramco,” said Al-Fageeh after announcing the financial results.
Meanwhile, SABIC Agri-Nutrients reported SR10.03 billion net profit in 2022, registering 92 percent year-on-year growth, driven by higher average selling prices and sales volumes.
We remind, SABIC participated in a ceremony to announce the first package of Shareek projects involving large companies in Saudi Arabia. The event was held in the presence of several dignitaries, senior businessmen and heads of major companies participating in the program. During the ceremony, SABIC announced a strategic project to manufacture catalysts, aiming to transform Saudi Arabia into a manufacturing hub for specialized materials in line with the national industrial strategy.
mrchub.com