RIYADH: Saudi chemical manufacturer SABIC has won five of the Edison Awards 2023, an honor given to the world’s most innovative new products and services.
SABIC has been conferred these awards for its innovative solutions designed to meet the needs of the customers and the broader value chain, the company said in a press release.
The Saudi Aramco-backed firm won three gold and two bronze awards for its new products and solutions across three separate areas: food and agriculture, material science and sustainability.
This is the second year in a row that SABIC has received at least five Edison Awards.
In the food and agriculture advancements category, SABIC was honored with a gold award for its blue urea solution, a sustainable, low-carbon nitrogen fertilizer.
SABIC Agri-Nutrients developed the solution using ammonia — a zero-carbon chemical — and recently achieved the world’s first independent certification for its production.
In the same category, the annual competition bestowed a bronze award to SABIC’s next-generation fertilizer, which increases crop yield while reducing the need for large amounts of fertilizer.
For its sustainability initiatives, SABIC has been recognized for innovatively developing a frozen food packaging solution that uses recycled ocean-bound plastic.
In the material science category, the Edison Awards recognized SABIC for its innovative heat-resistant resins that can be used in electric vehicles and on cutting-edge circuit boards.
“SABIC is proud to be recognized for the third consecutive year by Edison Awards, demonstrating our continued leadership in new technology and innovation advancements,” said Abdulrahman Al-Fageeh, CEO of SABIC.
He added: “These are key elements of our continued business growth on our journey to be the preferred world leader in chemicals and provide innovative solutions for the future that create a more sustainable world.”
Established in 1897, the Edison Awards are named after legendary scientist Thomas Alva Edison. The annual competition honors excellence in new product and service development, marketing, design and innovation.
Earlier in February, SABIC 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.
However, according to a bourse filing, 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.
“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.