RIYADH: Saudi Basic Industries Corp., also known as SABIC has appointed Abdulrahman Al-Fageeh as its new CEO, effective from March 21, 2023.
Al-Fageeh has been working with SABIC as the acting CEO since Yousef Abdullah Al-Benyan stepped down in September 2022.
The decision to appoint Al-Fageeh was made after the board of director resolution on March 21, SABIC said in 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 is also the Chairman of the Gulf Petrochemicals and Chemicals Association and the Chairman of the Petrochemical Manufacturers Committee.
Al-Fageeh is on the Board of the Royal Commission for Jubail and Yanbu and is also a board member of the Saudi General Authority of Foreign Trade.
Al-Fageeh has been named the CEO of SABIC, just a few days after the company reported a 13 percent rise in total revenue to SR198.47 billion ($52.88 billion) in 2022, up from the SR174.88 billion recorded in 2021.
SABIC’s net profit, however, fell by 28.35 percent to SR16.53 billion in 2022, due to a lower profit margin amid rising distribution costs.
“SABIC 2022 results remain strong despite challenging market conditions. Our sales volumes continue to grow, exceeding the previous year’s sales by 9 percent and driven by growth projects, improved reliability, inventory optimization and synergies with Saudi Aramco,” said Al-Fageeh after announcing the financial results.
Meanwhile, SABIC Agri-Nutrients reported SR10.03 billion net profit in 2022, registering 92 percent year-on-year growth, driven by higher average selling prices and sales volumes.