Financial Results : SABIC incurs SAR 2.18 bln net loss in 9M 2020 on lower selling prices, volumes

SABIC incurs SAR 2.18 bln net loss in 9M 2020 on lower selling prices, volumes

25/10/2020 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC) reported a net loss after Zakat and tax of SAR 2.18 billion for the first nine months of 2020, compared to a net profit of SAR 6.09 billion in year-earlier period.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 103,719.17 84,107.65 (18.9 %)
Gross Income 25,927.37 15,413.99 (40.5 %)
Operating Income 11,428.35 994.14 (91.3 %)
Net Income 6,089.60 (2181.40) (135.8 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 2.03 (0.73) (135.8 %)

The petrochemicals giant attributed the losses to lower average selling prices and sales volumes. It also allocated an impairment provision for certain capital and financial assets, net of SAR 1.55 billion.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 32,809.63 29,295.07 (10.7 %)
Gross Income 7,978.34 6,519.82 (18.3 %)
Operating Income 3,282.45 1,840.41 (43.9 %)
Net Income 737.04 1,088.53 47.7 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.25 0.36 47.7 %

In Q3 2020, SABIC reported a rise of 47% in net profit after Zakat and tax to SAR 1.09 billion, compared to a net profit of SAR 0.74 billion a year earlier, driven by higher production and sales volumes, in addition to reversal of impairment provisions in certain financial assets, net of SAR 0.69 billion.

 

The company turned to profitability from a net loss of SAR 2.22 billion in Q2 2020. SABIC’s quarterly results were backed by a rise in average selling prices, as well as higher production and sales volume. The giant petrochemical producer also reversed impairment provisions in certain financial assets, net of SAR 0.69 billion.

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