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    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION

(2010)
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Saudi Basic Industries : SABIC Joins Global Players at First-ever Minerals Summit in Saudi Arabia to View Opportunities in Mining Sector

01/16/2022 | 07:25am EDT

SABIC participated in the Future Minerals Summit in Riyadh from January 11 to 13 under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and took part in discussions on the potential of the Middle East region in attracting investments for the mining sector. SABIC was a "Founding Sponsor" of the summit, organized by the Ministry of Industry and Mineral Resources.

Yousef Al-Benyan, SABIC Vice Chairman and CEO, attended the summit on the inaugural day along with other senior company executives.

The Saudi Iron and Steel Company (Hadeed), a SABIC-owned manufacturing affiliate, joined the global mining industry to discuss with investors the current and future opportunities in the industry and to understand the latest advancements in mining technologies, the government's role in this sector, and the applicable legal frameworks.

Hadeed processes 8 million metric tons per annum of iron ore and 1.5 million tons per annum of scrap at its integrated plant to manufacture iron and steel products.

More than 200,000 metric tons of lime and dololime used in the steelmaking process are procured from local mines. Securing raw material from reliable and responsible sources is a key goal for the company.

SABIC, through its NUSANED™ local content program, is helping to establish partnerships and empower supply chains in Saudi Arabia that can meet the needs of companies both at home and abroad. The program has registered 21 proposals in the mining and minerals sector, nine of which have completed all requirements for a total capital investment exceeding $290 million.

SABIC also has joint venture partnerships with Ma'aden, which is leading Saudi Arabia's efforts to develop the mineral sector, and is ranked among the fastest-growing mining companies in the world.

An exhibition was also organized on the sidelines of the summit to provide visitors with the opportunity to meet mining experts, equipment manufacturers, technology providers and digital transformation specialists who exhibited their latest innovative products and services.

Disclaimer

SABIC - Saudi Basic Industries Corporation SJSC published this content on 16 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2022 12:24:05 UTC.


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Financials
Sales 2022 189 B 50 413 M 50 413 M
Net income 2022 23 418 M 6 243 M 6 243 M
Net cash 2022 14 754 M 3 933 M 3 933 M
P/E ratio 2022 15,4x
Yield 2022 3,59%
Capitalization 358 B 95 495 M 95 495 M
EV / Sales 2022 1,82x
EV / Sales 2023 1,76x
Nbr of Employees 35 000
Free-Float 30,0%
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Saudi Basic Industries Corporation Technical Analysis Chart | 2010 | SA0007879121 | MarketScreener
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 119,40 SAR
Average target price 123,81 SAR
Spread / Average Target 3,69%
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Managers and Directors
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Timothy D. Leveille Executive Vice President-Corporate Finance
Khalid Hashim Al-Dabbagh Chairman
Bob Maughon Executive Vice President-Technology & Innovation
Khaled Hamza Nahas Independent Director
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