Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals firm, said its fourth-quarter net profit more than doubled due to higher average selling prices and an increase in sales volume.
Net profit after zakat and tax for the three months to the end of December rose to 4.93 billion Saudi riyals ($1.31bn), compared to 2.25bn riyals in the same period a year ago, Sabic said in a statement on Thursday to the Tadawul stock exchange. Revenue increased 56 per cent year-on-year to 51.3bn riyals.
"Sabic's fourth-quarter results saw us end the year on a strong note. Those results were driven by our operational performance and higher prices for most of our key products," Yousef Abdullah Al-Benyan, Sabic's vice chairman and chief executive, said.
Manufacturers of chemicals like Sabic have benefitted from an overall rise in demand for chemicals and feedstocks as economic activity ramps up amid a relaxation of movement curbs and a fall in infections globally.
The company's annual net income jumped to 23bn riyals in 2021, a massive surge from 70 million riyals in the prior year, due to higher average selling prices and an increase in the share of results of its joint ventures and associates, it said.
"Looking back on 2021, our financial performance was strong throughout the year, supported by favourable market conditions, and our focus on capital discipline," Mr Al-Benyan said.
For the full year 2021, Sabic declared dividends of 4 riyals per share, 33 per cent higher than the 3 riyals per share declared in 2020.
The increase in net income came despite the company recording an impairment of 760m riyals, restructuring provisions in certain capital assets and "non-cash" charges of 590m riyals. This was driven by the re-measurement of derivatives equity instruments for forward contracts related to certain joint venture agreements.
Sabic, which is majority owned by the world’s largest oil exporting company Saudi Aramco, said it continues to focus on value creation from the partnership. The state-owned oil company acquired a 70 per cent stake in Sabic in 2020 for $69bn.
"Between the completion of Saudi Aramco’s share acquisition of a 70 per cent stake in Sabic, and the end of 2021, Sabic realised $468m in value," it said in the statement. "This reflects the company’s commitment towards achieving between $1.5bn [and] $1.8bn in value creation by 2025."
Looking ahead, the company is bullish in its outlook for this year.
Sabic expects higher incremental sales volumes in 2022 due to transfer of the sales and marketing rights of chemicals and polymers products from Saudi Aramco to Sabic, starting up new assets and continuous improvement in reliability of its assets, it said.
"We expect earnings in 2022 to be healthy, albeit lower than the exceptionally strong earnings in 2021 due to the impact of new capacity coming on stream, higher feedstock cost and continued supply chain constraints during 2022," Sabic said.
The company also expects capital expenditure in 2022 to be higher than the levels in 2021 and 2020 so it can fund its non-discretionary investment "in safe and reliable operations" as well as its sustainability and growth projects, it said.
In 2022, there will likely be pressure on revenue from rising oil prices and supply chain constraints, Mr Al-Benyan told reporters on an earnings call on Thursday.
Oil prices, which are at seven-year highs currently due to tight supply and robust demand, have added to the costs for the petrochemicals sector that uses crude oil and its derivatives as feedstock.
However, Sabic's sales are expected to rise this year due to new production facilities in Jubail, US and China, the chief executive added.
"We hope this will have a positive impact on financial performance in 2022," he said.
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The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
The years Ramadan fell in May
Honeymoonish
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KILLING OF QASSEM SULEIMANI
Top%2010%20most%20competitive%20economies
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MORE ON THE US DEMOCRATIC PRIMARIES
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
CREW
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More from Neighbourhood Watch:
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
