SABIC FY2020 net profit slumps to SAR 70 mln

31/01/2021 Argaam Exclusive

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Saudi Basic Industries Corp.’s (SABIC) annual net profit after Zakat and tax declined to SAR 70 million, compared to SAR 5.2 billion in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	135,396.00	116,949.29	(13.6 %)
Gross Income	29,404.72	23,181.16	(21.2 %)
Operating Income	9,789.11	4,107.96	(58.0 %)
Net Income	5,198.11	66.83	(98.7 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	1.73	0.02	(98.7 %)

The petrochemicals producer attributed the profit decline to the lower average selling prices in most products in addition to recording impairment provisions in certain capital and financial assets.

In 2019, impairment provisions were recorded for certain financial and capital assets worth SAR 4.3 billion, out of which SABIC’s share amounted to SAR 2.8 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	31,676.83	32,841.64	3.7 %
Gross Income	3,477.34	7,959.13	128.9 %
Operating Income	(1639.25)	3,113.82	290.0 %
Net Income	(891.49)	2,248.22	352.2 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	(0.30)	0.75	352.2 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	29,295.07	32,841.64	12.1 %
Gross Income	6,519.82	7,959.13	22.1 %
Operating Income	1,840.41	3,113.82	69.2 %
Net Income	1,088.53	2,248.22	106.5 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.36	0.75	106.5 %

Meanwhile, the company turned to net profit after Zakat and tax of SAR 2.2 billion in the fourth quarter of 2020 compared to a loss of SAR 891.4 million in the same period in 2019.

The company cited higher sales volume and lower average cost of sales in addition to reversal of impairment provisions in certain capital assets for the performance.

On a quarterly basis, SABIC posted a two-fold increase in net profit on higher average selling prices of most products.

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