(MENAFN) Saudi Basic Industries Corp., commonly known as SABIC, has appointed Abdulrahman Al-Fageeh as its new CEO effective from March 21, 2023. Al-Fageeh has been serving as the acting CEO of SABIC since Yousef Abdullah Al-Benyan's departure in September 2022.
The board of directors made the decision to appoint Al-Fageeh as CEO, as per 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 also serves as the Chairman of the Gulf Petrochemicals and Chemicals Association and the Petrochemical Manufacturers Committee.
Moreover, Al-Fageeh is a board member of the Royal Commission for Jubail and Yanbu and the Saudi General Authority of Foreign Trade. His appointment as CEO of SABIC comes 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. However, the company's net profit fell by 28.35 percent to SR16.53 billion in 2022, due to a lower profit margin amid rising distribution costs.
Despite these challenging market conditions, Al-Fageeh stated that SABIC's 2022 results remained strong, with sales volumes growing by 9 percent and driven by growth projects, improved reliability, inventory optimization, and synergies with Saudi Aramco. He also mentioned that SABIC Agri-Nutrients reported a net profit of SR10.03 billion in 2022, registering 92 percent year-on-year growth, driven by higher average selling prices and sales volumes.
As the new CEO of SABIC, Al-Fageeh will be responsible for leading the company's efforts to expand its product portfolio and enhance its market position globally. His experience in various leadership roles within the company and other industry organizations will be valuable in driving SABIC's growth strategy and achieving its business objectives. SABIC is one of the world's largest producers of petrochemicals, chemicals, and plastics, and has a significant presence in numerous markets worldwide. With Al-Fageeh at the helm, the company is likely to continue its growth trajectory and strengthen its position as a leading player in the industry.
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