SearchBUSINESS SEGMENT PERFORMANCE
Efforts to contain costs, optimize working capital, and allocate capital efficiently have helped to navigate a challenging year.
Disciplined cost control, smart capital allocation, and efficient working capital management keep our position stable.
In 2024, revenue from the Petrochemicals segment totaled SAR 129.50 Bn. (US$ 34.53 Bn.), a 1% decline compared to 2023. EBITDA increased 6% to SAR 15.55 Bn. (US$ 4.15 Bn.), up from SAR 14.62 Bn. (US$ 3.90 Bn.) in the previous year.
Within petrochemicals, chemicals markets saw mixed trends. Methyl tertiary-butyl ether (MTBE) global prices fell 14%, reflecting lower oil prices. Monoethylene glycol (MEG) prices, however, rose 9%, supported by a successful market rebalancing, stronger-than expected demand growth, and lower supply due to plant rationalizations and extended turnarounds. Methanol prices increased approximately 16%, reflecting tight supply conditions.
Polymers markets were largely stable. Polyethylene global prices remained flat, constrained by continued weak demand, while polypropylene prices rose 7%, driven by limited supply and a slight improvement in demand. Polycarbonate prices remained unchanged from the previous year.
For the Agri-Nutrients segment, revenue increased to SAR 10.48 Bn. (US$ 2.80 Bn.) in 2024, up from SAR 10.28 Bn. (US$ 2.74 Bn.) in 2023. However, EBITDA declined to SAR 3.92 Bn. (US$ 1.04 Bn.), compared to SAR 4.40 Bn. (US$ 1.17 Bn.) in 2023. The decline was mainly due to lower margins, as global urea prices fell 5.5%, reflecting lower natural gas prices and stable demand.
Read a detail review of the performance of our business segments.
BUSINESS SEGMENT REVIEW
FINANCIAL METRICS
Petrochemicals (Chemicals and Polymers)
-
Revenue -1%
2024 SAR 129.50 Bn.
(US$ 34.45 Bn.)2023 SAR 131.26 Bn. (US$ 35 Bn.)
-
EBITDA 6%
2024 SAR 15.55 Bn.
(US$ 4.15 Bn.)2023 SAR 14.62 Bn. (US$ 3.90 Bn.)
-
Income from operations (EBIT) NM%
2024 SAR 2.71 Bn.
(US$ 0.72 Bn.)2023: SAR 0.20 Bn.
(US$ 0.05 Bn.)
Agri-Nutrients
-
Revenue 2%
2024 SAR 10.48 Bn.
(US$ 2.80 Bn.)2023 SAR 10.28 Bn.
(US$ 2.74 Bn.) -
EBITDA -11%
2024 SAR 3.92 Bn.
(US$ 1.04 Bn.)2023 SAR 4.4 Bn.
(US$ 1.17 Bn.) -
Income from operations (EBIT) -14%
2024 SAR 3.02 Bn.
(US$ 0.94 Bn.)2023 SAR 3.52 Bn.
(US$ 0.81 Bn.)
OPERATIONAL METRICS
Petrochemicals: Chemicals
| Mn. t |
|
2024 | 2023 | Change % |
|---|---|---|---|---|
| Production volumes | 35.6 | 36.2 | -1.7 | |
| Sales volumes | 22.1 | 23.7 | -6.6 |
Petrochemicals: Polymers
| Mn. t |
|
2024 | 2023 | Change % |
|---|---|---|---|---|
| Production volumes | 9.9 | 9.1 | 8.7 | |
| Sales volumes | 15.8 | 15.4 | 2.8 |
Agri-Nutrients
| Mn. t |
|
2024 | 2023 | Change % |
|---|---|---|---|---|
| Production volumes | 8.4 | 8.1 | 2.8 | |
| Sales volumes | 7.1 | 6.7 | 5.4 |
Disclaimer: This abridged interactive version of the SABIC Integrated Annual Report 2024 is based on the original PDF report published on this website. In case of any discrepancy, the original PDF report will prevail.