Sadara Chemical Corporation (Sadara) revealed its first-quarter financial results for 2021, reporting that sales hit more than SR4.4 billion — 30.5 % more than the prior quarter in 2020 and more than 80 % more than the similar quarter last year.

Sadara's net income after Zakat & Tax during the first quarter of 2020 surpassed SR1.6 billion for the first time in its record, relative to net losses of more than SR1.27 billion and SR24 million in the same quarter of 2020 and the previous quarter.

These encouraging results indicate the company's continuing dedication to stakeholders and the production of high-quality goods for consumers in the Kingdom and far beyond.

The increase in overall profit in the first quarter relative to the previous year is mostly due to higher sale rates, continued financial discipline, and the acknowledgment of an SR1.05 billion adjustment benefit from debt reprofiling.

These findings demonstrate Sadara's improved financial condition following the achievement of its Project Completion Date (PCD) sometime last year, which was accompanied by lenders' acceptance of its debt reprofiling in March 2021.

Considering the local and global threats faced by the COVID-19 pandemic, the organization has retained a high standard of success and implemented a range of constructive and strategic steps to ensure the wellness and prosperity of its workers, and to ensure that market activities are relatively unchanged.

Sadara has developed numerous proactive measures in recent months to strengthen its financial position and activities. The organization has sustained its emphasis on consistently outperforming core pillars such as safety, employee involvement, logistics, customer support, competitiveness, community service, and financial efficiency.