SABIC FY2020 net profit slumps to SAR 70 mln

31/01/2021 Argaam Exclusive

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 %

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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Share Price

Saudi Basic Industries Corp.
69.80
(0.70) (0.99 %)

Saudi Basic Industries Corp. (SABIC)

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Financial Ratios
Current
Market Cap (M Riyal) 209,400.00
Enterprise Value (EV) (M) 237,418.89
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 55.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.27
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 1.0
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