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    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION

(2010)
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Saudi Basic Industries : SABIC is Named “Top Employer Asia Pacific” for the Ninth Consecutive Year

01/24/2022 | 05:14am EDT

SABIC, a world leading diversified chemicals company, has been officially recognized as the "Top Employer Asia Pacific" for the ninth consecutive year. This is a testament to its employee-first approach and commitment to futureproofing its workforce against the challenges of tomorrow through a range of innovative solutions. Organized by the Top Employer Institute, a globally accredited certification body, SABIC also received the "Top Employer 2022" awards in five of its key Asian markets - China for the twelfth year, and India, Japan, Singapore and South Korea for the past nine years.

The Top Employers Institute program certifies organizations based on the participation and results of their HR Best Practices Survey. The survey encompasses 20 HR topics such as People Strategy, Work Environment, Talent Acquisition, Learning, Well-being and Diversity & Inclusion and more.

"We remain acutely aware of the continued short and potential longer-term disruptions to the workforce amidst these challenging times and the necessity to adapt quickly to new ways of working across the region. We have evolved our HR strategy to ensure the uninterrupted development of our people through a range of new learning and development platforms. To be recognized as the certified Top Employer for the ninth-year running is a significant achievement as we continue on our transformation journey." shared Mohammed Al-Nafea, General Manager, HR MEAF & Asia Regions.

David Plink, CEO of the Top Employers Institute said, "Reflecting on the demanding year that has, like the year before it, impacted organizations across the world, SABIC has continued to show that it prioritizes maintaining excellent people practices in the workplace. They continue to meet the challenges of the changing world of work while working tirelessly to make a positive impact on the lives of their workforce. We are pleased to celebrate and applaud the organizations that have been certified as Top Employers in their respective countries this year."

COVID-19 has been a catalyst for the faster adoption of automation, AI and digital technologies, with SABIC embracing this change by re-designing work processes and adapting the workplace to stay ahead. SABIC's Asia Pacific HR team spearheaded the roll out of key initiatives to ensure employees had the right resources at their fingertips, wherever their location. This included automating HR administrative processes, increasing employee touchpoints virtually, and providing ongoing learning and growth opportunities for individuals.

To nurture global business leaders with the right skills and mindsets, SABIC's HR leaders created a flexible leadership model - the SABIC Leadership Way (SLW). Recognized by global research and advisory firm, Gartner in 2021, as best practice for other businesses to adopt, SABIC's SLW model provides leaders with strategic insights into leadership culture for individuals to grow and adapt as business contexts change, especially through the COVID-19 pandemic, by encouraging positive leadership behavior. The SLW model is also used to attract talent, engage employees and drive better industry recognition.

The introduction of Amber, an AI chatbot, ensured connectivity and enhanced employee engagement has also been well received, with a high employee engagement rate of over 80 percent in the Asia Pacific region. The chatbot reaches out to employees periodically to ask them for feedback about their experiences working in SABIC. In addition, this chatbot is used as a two-way communication tool with SABIC recognizing the importance of maintaining employee mental health and wellbeing amidst the ongoing pandemic.

Complementing Amber, the SABIC & You (SAY) online platform was launched in Asia Pacific in June 2021. Employees could raise HR queries and submit their feedback and suggestions directly through a streamlined and user-friendly interface. Since its launch, there has been a substantive increase of over 800 percent in employee queries, which have helped further communication and connection across SABIC's diverse talent pool in the region. Collectively, these integrated initiatives are aimed at creating a positive, responsive and holistic employee experience which support employees in a meaningful way.

"At SABIC, we strive to build a supportive and nurturing work environment that enables our dynamic and talented team to succeed. Our people are the resource keeping SABIC on track to becoming the preferred world leader in chemicals. Only by providing meaningful development opportunities for employees and equipping them with the right tools to grow, can our business continue to thrive and deliver on its growth trajectory." Mr Al-Nafea continued.

To encourage the growth mindset of its employees, SABIC also launched an enhanced version of Project Endeavor in 2021, a platform which was first launched in 2020 that provides extensive on-the-job development opportunities for participating employees who express interest to work on a spectrum of business projects. The initiative has been well received by employees as it provides rich opportunities for cross-functional collaboration, networking, exposure and new learning. The program also effectively creates a win-win for business leaders seeking fresh insights and talent spotting from a larger pool of employees across Asia Pacific.

This award reaffirms SABIC's longstanding commitments in supporting its people for a better tomorrow.

Disclaimer

SABIC - Saudi Basic Industries Corporation SJSC published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 10:13:07 UTC.


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Financials
Sales 2022 189 B 50 410 M 50 410 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 14,5x
Yield 2022 3,82%
Capitalization 337 B 89 891 M 89 891 M
EV / Sales 2022 1,71x
EV / Sales 2023 1,65x
Nbr of Employees 35 000
Free-Float 30,0%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 112,40 SAR
Average target price 123,28 SAR
Spread / Average Target 9,68%
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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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