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Growing Through Transformation

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Growing Through Transformation TRANSFORMATION REPORT 2018 ANNUAL GROWING THROUGH THROUGH GROWING GROWING THROUGH TRANSFORMATION SABIC ANNUAL REPORT 2018 www.sabic.com SABIC ANNUAL REPORT 2018 01 At SABIC, we are transforming CONTENTS everything we do, the way we do it, and our relationships Page OVERVIEW AND STRATEGY Chairman’s Statement 12 10 Vice Chairman and CEO’s Statement 14 with all our stakeholders, to do Enabling Saudi Vision 2030 18 SABIC is committed to Board of Directors 20 being a key enabler of Our Global Operations 22 an ever better job of helping Saudi Arabia’s Vision 2030 Page OUR BUSINESSES make tomorrow’s world better Petrochemicals 26 24 Specialties 27 SABIC’s strategic business Agri-Nutrients 28 than today’s. It’s what we call units oversee different kinds Metals 29 of products, ensuring that ‘Chemistry that MattersTM’. all global standards are met OUR CORE MARKETS Page Transportation 32 Agri-Nutrients 34 30 Construction 36 SABIC seeks to meet Medical Devices 38 the growing needs of Packaging 40 its target markets and Clean Energy 42 end-users Electrical and Electronics 44 OUR COMMITMENT SABIC is fully focused on Corporate Social Responsibility 48 meeting the expectations Human Capital 50 of the community and Innovation and Business Development 52 customers, reflecting the Compliance and RIsk Management 56 performance expected Environment, Health, Safety and Security 58 of a responsible global Manufacturing 62 Cover: As the SABIC brand reaches new heights – as part of producer of chemicals Supply Chain 64 the company’s transformation agenda – investing in programs Sustainability 66 designed to build the brand becomes ever more significant and Page crucial. A significant coordinated strategic program supporting 46 the SABIC vision of becoming the “preferred world leader in chemicals” has made the SABIC brand one of world chemicals’ Page DIRECTORY top three brands, according to leading agency Brand Finance, Manufacturing Companies 70 with a 2018 value of US$3.9 billion. 2018 saw initiatives at every 68 Global Directory 74 SABIC has a global level, from planning a global advertising campaign set to launch network of sales offices in 2019 to acquiring naming rights for a station on the new Riyadh and manufacturing sites all over the world Metro. When the station opens it will be comprehensively branded and designed to accommodate a steady flow of brand-building content, enabling thousands of stakeholders every day, including crucial but often hard to reach millennials, to live and share SABIC’s ‘Chemistry that MattersTM’. SABIC 02 ANNUAL REPORT 2018 03 AT A GLANCE All around the world, SABIC people are engaged in transformation. Whether it’s developing new materials that empower the circular economy or cut weight, waste and emissions from transportation, SABIC ingenuity, innovation and determination are making the world a better place. OUR FIGURES OUR BUSINESSES NET INCOME ASSETS SALES PRODUCTION (TONS) PETROCHEMICALS AGRI-NUTRIENTS SABIC makes the essential chemical building SABIC’s supplies to customers throughout the blocks for materials used in everything from Middle East, Asia, Africa and the Americas help packaging to healthcare to household goods. meet the world’s ever-growing need for food. $5.7bn $85bn $45bn 75.3mn Find out more on page 26 Find out more on page 28 SCIENTISTS PATENT PORTFOLIO EMPLOYEES FILINGS 1,270 11,738 33,000 SPECIALTIES METALS OUR CORE MARKETS SABIC produces a wide range of specialty materials, SABIC’s high quality metals have been key to the TRANSPORTATION AGRI-NUTRIENTS CONSTRUCTION MEDICAL DEVICES PACKAGING CLEAN ENERGY ELECTRICAL from engineering thermoplastic resins to additive construction and industrialization of some of the AND ELECTRONICS manufacturing solutions. world’s fastest growing economies. Find out more on page 27 Find out more on page 29 Find out more on page 30 04 05 TURNING DUST INTO VALUE Bag house dust (BHD), a fine powder generated from electric arc furnaces, contains zinc, requiring further treatment for safe disposal. In 2018, Hadeed entered into a cooperative agreement with a company to recycle the 60,000 tons of BHD the company generated to be sold to zinc oxide producers – initiating environmentally responsible disposal of waste as well as turning cost into revenue. 06 07 DEVELOPING CIRCULAR SOLUTIONS SABIC is a founding member of the Alliance to End Plastic Waste, one of 27 companies committed to addressing its global environmental impact. Plastic waste has become a major global issue, on the land and particularly in the world’s oceans. SABIC has taken a lead in addressing the impact of plastic waste, both through cooperative actions with peers, cross sector value chain partners, and through the ingenuity of SABIC scientists. 2018 saw SABIC become the first company to offer a major breakthrough in the Circular Economy, committing to scale up the chemical recycling of plastic waste back to the original polymer. Identical to non-recycled, the processed feedstock offers customers an “off the shelf” aid to meet their recycling pledges, and the planet relief from waste. 08 09 DRIVING THE FUTURE OF AUTOMOTIVE DESIGN LEXAN™ resin from SABIC enabled Italian race and supercar designer and manufacturer Dallara Automobili to add unique design features while removing weight. In designing the 2018 Dallara Stradale, Dallara wanted to offer drivers both exceptional visibility and an inclusive, immersive driving experience. LEXAN resin, a polycarbonate material from SABIC, made possible a complex aerodynamic design for the vehicle’s glazing surfaces that would have been impossible with glass, while also reducing weight by around 35 percent. The combination of improved performance and handling through lower weight and a distinctive, futuristic appearance, achieved in collaboration with creative partner Granstudio and glazing specialist Isoclima, gives a view of what tomorrow holds for the next generation of lightweight vehicles. SABIC 10 ANNUAL REPORT 2018 11 CHAIRMAN’S STATEMENT 12 OVERVIEW AND VICE CHAIRMAN AND CEO’S STATEMENT 14 ENABLING SAUDI VISION 2030 18 STRATEGY BOARD OF DIRECTORS 20 OUR GLOBAL OPERATIONS 22 SABIC 12 ANNUAL REPORT 2018 OVERVIEW AND STRATEGY 13 CHAIRMAN’S STATEMENT Further endorsement of our recent progress came from Boston Consulting Group, which reclassified DR. ABDULAZIZ SABIC from “Global Challenger” to “Global Leader” SABIC will continue executing SALEH ALJARBOU – one of only three such companies based in the Middle East. In addition, Moody’s gave SABIC an objectives against its robust Chairman “A” rating, citing our “strong global position” in Transformation Program to petrochemicals and fertilizers, and access to competitively priced raw materials. further streamline its operating Welcome though such recognition is, it is no grounds model, increase portfolio focus, for complacency. We must maintain our efforts, boost competitiveness, and think harder, work smarter, and focus on growth. And we are doing just that, engaging in an ongoing accelerate growth. transformation to equip ourselves for success in I would like to thank the SABIC Over the last three years, SABIC has continued ever-changing market conditions. changing the way it operates amid the structural management team and employees changes in our external and internal business Our business environment is becoming increasingly for delivering a strong 2018 environments. A very focused and well-thought out volatile and challenging – with issues of trade Transformation Program is driving this change, and tensions, rising populism, slowing global growth, as a key enabler of Saudi Vision 2030, helping it performance that was rewarding for its execution is already delivering industry-beating increasing debt levels, among others. pursue its goals and meet its objectives. The Board our shareholders – despite multiple shareholder returns. One challenge is the increasing and urgent need and I are committed to making this a reality – and SABIC’s leadership at every level can be sure of our headwinds in the global business It is a source of tremendous pride for me – as I am to confront climate change and the circular economy. SABIC is already committed to addressing these full and active support. environment. This performance was sure it is for all of you – that Forbes magazine this year declared SABIC the world’s third-largest global challenges, using our proven, innovative expertise We will continue to work with them, all our people, only possible through a focused, diversified chemical company. Considering we were in processes and products in material science. and our external stakeholders, to pursue our competitive, and growing portfolio, not even in the top ten as recently as the mid-1990s, At the same time, SABIC will continue executing transformational agenda with focused energy and this demonstrates how far we have come in a objectives against its robust Transformation Program smart innovation. We will confront and overcome the which creates value for our customers short time. to further streamline its operating model, increase challenges we face, and forge ahead to an even more successful future. globally through innovative and Moreover, in recognition of our strong commitment portfolio focus, boost competitiveness, and accelerate sustainable products, applications, to create a culture of transparency and accountability, growth. At the same time, we will maintain top Together, we will work to develop, leverage and standards in governance, transparency, risk profit from ‘Chemistry that Matters™’ achieve and services. the King Faisal University ranked SABIC the top corporate governance company in Saudi Arabia management, ethics, and corporate values. SABIC’s 2025 strategy, and fulfill our vision of in the Corporate Governance Index for companies These moves will create additional value for all becoming the preferred world leader in chemicals. trading on the Saudi Stock Exchange. Besides, the our stakeholders – shareholders and partners, London-based Ethical Boardroom magazine customers and employees – and play important recognized us with their Best Corporate Governance roles in achieving our strategic goal of becoming Award for the Middle East in the Conglomerate more agile and customer-focused. category.
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