SABIC posts 33% profit jump to SAR 6.5 bln in Q1 2022

Saudi Basic Industries Corp. (SABIC) reported a net profit after Zakat and tax of SAR 6.5 billion for Q1 2022, a rise of 33% from SAR 4.9 billion in the year-ago period.  

The robust profit was driven by higher average selling prices and sales volume, despite an increase in selling and distribution expenses and impairment provisions in certain financial assets at a total value of SAR 0.38 billion, in which SABIC’s share amounted to SAR 0.38 billion.

On a sequential basis, the first-quarter net profit after Zakat and tax rose by 30.2% from SAR 4.97 billion, thanks to lower operating expenses, along with a decline of SAR 0.54 billion in impairment and restructuring provisions, of which SABIC’s share stood at SAR 0.38 billion.

The giant petrochemical producer also cited lower financial charges of SAR 0.72 billion, compared to Q4 2021 due to the re-measurement of derivatives equity instruments for forward contracts related to certain joint venture agreements in the previous quarter.

Total shareholders’ equity, after minority interests, increased by 9.4% to SAR 187.58 billion in Q1 2022, from SAR 171.43 billion a year earlier.

View more financial results