Chemicals giant SABIC says that it received a net profit income of SR 3.41 billion in Q1 of 2019, an increase of 5% compared to SR 3.24 billion posted in the previous quarter.

Total sales during the first quarter amounted to SR 37.37 billion, a decrease of 7% compared to the same quarter of the previous year, and a decrease of 11% against the previous quarter.

SABIC says that the change in Q1 2019, compared to the same quarter of 2018, was due to slowing demand growth coupled with a slow year start and a relatively high level of inventories.

‘SABIC has demonstrated strength and resiliency in our financial performance under challenging market conditions,’ said Yousef Al-Benyan, SABIC  vice chairman and CEO. ‘Though lower petrochemical prices negatively impacted SABIC ’s first quarter results, we continued to deliver strong operational performance, including the highest quarterly sales volumes over the last four quarters.

 ‘Sustainability is a key focus for SABIC,’ he added. ‘At the end of last year, and in support of the circular economy, we have signed a Memorandum of Understanding (MoU) on recycled petrochemical feedstock in Europe with Plastic Energy, a UK-based company. Since then, we reached another significant milestone in the production of certified circular polymers using a feedstock produced from mixed plastic waste.

SABIC is also one of the 27 founding members of ‘The Alliance to End Plastic Waste’, which is a global initiative between major plastics makers and some consumer goods makers.

This story uses material from SABIC, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.