Published: Jul 02, 2014
Source: Saudi Gazette

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SABIC sustainability value creation advancing

Saudi Basic Industries Corporation (SABIC) recorded progress on sustainability value creation and capital management as shown in its 2013 Sustainability Report entitled “Creating Lasting Value” released on Monday. 

The report reflects the company’s commitment to continuously create more sustainable business processes and more value for its stakeholders.

The report also shares the latest information on the company’s progress on various dimensions of sustainability value creation. It highlighted performance in creating economic value, protecting natural capital, developing human capital and building social and community relationships.

Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC, said: “This is our third report and it reflects the company’s ongoing journey toward achieving the highest level of sustainable performance possible. Our mission is to become more efficient in reducing our consumption of finite materials and our environmental footprint while, at the same time, aggressively pursuing our strategy of enabling others to operate in a more sustainable manner through our innovative product portfolios.”

Commenting on the report, Mohamed Al-Mady, SABIC Vice Chairman and CEO, said the sustainability process is a never ending process for SABIC, noting that  “we have moved forward in many areas, but we still have much to do.  We will continue to be transparent in providing a yearly review of our actions, comparing our results against stated goals and utilizing globally accepted criteria to provide uniform measurement of our performance. Our commitment to sustainability is shared across all divisions of the company – it is focused on making a positive impact at every stage of the product life cycle. Our responsibility starts with supply chain decisions and continues through our production processes, distribution, customer applications and product end-of-life.”

On the sustainable role played by SABIC products, Al-Mady said: “Our mandate and goal has always been to ensure the betterment the communities in which we operate. We are constantly working on finding ways to innovate across the lifecycle for the benefit of our customers and stakeholders. We look at human capital development and organizational relationship development as high priority areas for improvement in every business function.”

The report underscored SABIC’s approach to developing the highest standards of ethics, integrity, and compliance throughout its global business culture.

‘Creating Lasting Value’ “describes how we are working to address the challenges of society now and in the future; how the impact of global megatrends are embedded in our 2025 and sustainability strategies,” Al-Mady further said.

“Through a detailed analysis of material issues and risks, we have selected the highest priority sustainability topics to develop and report on. These priorities include protecting natural capital through environmental performance and resource efficiency, aggressively pursuing innovations that enable customers to operate in a more sustainable manner and investing in large projects that produce both economic value and sustainability improvements across several dimensions,” he added.

SABIC ranks among the world’s top petrochemical companies. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.

SABIC recorded a net profit of SR25.3 billion ($ 6.7 billion) in 2013. Sales revenues for 2013 totaled SR189 billion ($50.4 billion). Total assets stood at SR339.1 billion ($90.4 billion) at the end of 2013.

SABIC’s businesses are grouped into chemicals, polymers, performance chemicals, fertilizers, metals and innovative plastics. 

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