Saudi Basic Industries Corp. Posted an adjusted net income of SR840 million, or $220 million, for the third quarter of the year. The petrochemicals producer returned to profitability after reporting an adjusted net loss of SR380 million in the second quarter.
Revenue increased by 14 percent quarter on quarter to reach SR28.17 billion. Adjusted earnings before interest, taxes, depreciation and amortization climbed 40 percent to SR4.75 billion.
Adjusted earnings before interest and taxes surged 434 percent to SR2.17 billion, and adjusted earnings per share rose to SR0.28, recovering from a loss of SR0.13 in the preceding period.
Net debt stood at SR3.03 billion as of Sept. 30, 2026, compared with SR2.73 billion recorded at the end of June 2026.
The financial results were achieved despite geopolitical tensions and challenging market conditions weighing on the global chemicals industry. Regional conflict added to uncertainty across the Middle East and created challenges for businesses operating in the area.
Faisal M. Alfaqeer, CEO and executive member of SABIC’s board, spoke about the performance. He said that in the third quarter, SABIC demonstrated resilience despite geopolitical developments and market headwinds.
He noted that the company stayed focused on its strategic objectives. These include portfolio optimization, transformation and selective growth to support long term profitability and value creation for shareholders, building on a history spanning more than five decades.
Operational developments included a final investment decision by SABIC Agri-Nutrients to build a new industrial complex in Saudi Arabia. The facility will have annual production capacities of 1.2 million tonnes of ammonia and 2.6 million tonnes of urea, increasing the company’s urea production capacity by 54 percent from current levels.
SABIC has achieved SR3.56 billion of its 2030 target of SR11.3 billion in positive recurring earnings before interest, taxes, depreciation and amortization impact from transformation efforts. The company also received a Local Content Certificate for 2025 from the Local Content and Government Procurement Authority, recording a local content score of more than 61 percent, which increased by more than 9 percent compared to 2024.
The Ministry of Energy allocated feedstock for a new methanol plant in Jubail with an annual production capacity of 1.8 million tonnes. SABIC also completed the sale of its Engineering Thermoplastics business in the Americas and Europe for an enterprise value of $450 million as part of its Portfolio Optimization Program.
