Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals company, swung to a $6.87 billion net loss in 2025, weighed down by impairments and losses linked to the divestment of assets in Europe and the Americas.
The company’s loss of 25.78 billion Saudi riyals compares with the 2024 net profit of 1.54 billion riyals, Sabic said in a bourse filing on Wednesday. Full-year revenue fell 1 per cent to 116.53 billion riyals driven by lower average selling prices.
Sabic, which is 70 per cent owned by state oil major Saudi Aramco, said its adjusted net income of 2.07 billion riyals for 2025 was down from an adjusted net income of 5.88 billion riyals in 2024.
“This demonstrates the company's ability to adapt to industry’s pressures and overcome difficulties relying on its strength, flexibility, and resilience,” Sabic said in a statement.
Sabic chief executive Abdulrahman Al Fageeh said the company continues to strengthen safety standards, enhance plants' reliability, adopt a rigorous approach to capital expenditure and deliver on its strategy.
Commenting on the challenges facing the petrochemical industry, Mr Al Fageeh said it is undergoing structural changes and supply-and-demand imbalances that have affected profit margins.
Sabic achieved 2.34 billion riyals through its transformation programme’s initiatives, and 12.26 billion riyals through synergies with Saudi Aramco, he added.
The company also said on Wednesday that it plans to distribute 4.5 billion riyals as interim dividends for the second half of 2025.
Petrochemicals remain in focus as Iranian attacks on Saudi Arabia, along with the other Gulf countries, have continued this week after Iran was hit by Israel and the US on Saturday.
Saudi Aramco shut down operations at its Ras Tanura refinery on Monday after a fire broke out following a reported drone attack. The refinery was also targeted on Wednesday, officials said.
The incident has led to a temporary halt in loadings at the refinery, which handles 550,000 barrels per day, in the second such disruption to Aramco’s facilities in recent days.
