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Saudi Basic Industries Corp. (SABIC) reported a net profit rise of 32% to SAR 2.4 billion in the first half of 2024, from SAR 1.8 billion a year earlier.
Financials (M)
Item | 6m 2023 | 6m 2024 | Change |
---|---|---|---|
Revenues | 70,529.75 | 68,404.42 | (3.0 %) |
Gross Income | 11,093.22 | 13,056.18 | 17.7 % |
Operating Income | 2,190.08 | 3,385.51 | 54.6 % |
Net Income | 1,835.33 | 2,429.75 | 32.4 % |
Average Shares | 3,000.00 | 3,000.00 | - |
EPS (Riyals) | 0.61 | 0.81 | 32.4 % |
The profit growth was driven by an 18% rise year-on-year (YoY) in gross profit, thanks to improved profit margins and despite a partial increase in operating expenses (OpEx) due to some nonrecurring charges. SABIC’s shares in the results of associates increased by SAR 245 million.
The company also recorded a reversal of Zakat provision, which led to positive non-cash gains of SAR 214 million in H1 2024 compared to Zakat expense of SAR 919 million a year earlier.
Gains from fair valuation of derivative equity instruments decreased, reducing the non-cash finance income by SAR 556 million. On the other hand, the first-half revenue declined on lower sales volumes.
Current Quarter Comparison (M)
Item | Q2 2023 | Q2 2024 | Change |
---|---|---|---|
Revenues | 34,097.38 | 35,718.60 | 4.8 % |
Gross Income | 5,437.06 | 7,193.82 | 32.3 % |
Operating Income | 993.24 | 2,252.77 | 126.8 % |
Net Income | 1,178.42 | 2,183.53 | 85.3 % |
Average Shares | 3,000.00 | 3,000.00 | - |
EPS (Riyals) | 0.39 | 0.73 | 85.3 % |
Item | Q1 2024 | Q2 2024 | Change |
---|---|---|---|
Revenues | 32,685.82 | 35,718.60 | 9.3 % |
Gross Income | 5,862.36 | 7,193.82 | 22.7 % |
Operating Income | 1,132.74 | 2,252.77 | 98.9 % |
Net Income | 246.22 | 2,183.53 | 786.8 % |
Average Shares | 3,000.00 | 3,000.00 | - |
EPS (Riyals) | 0.08 | 0.73 | 786.8 % |
In Q2 2024, the giant petrochemical producer’s bottom line soared 85% to SAR 2.2 billion from SAR 1.1 billion in Q2 2023, thanks to higher revenue amid better. Average selling prices and a slight increase in sales volumes.
Gross profits jumped 32% YoY on improved profit margins of some key products.
Moreover, net earnings skyrocketed to SAR 2.2 billion from SAR 246.2 million in Q1 2024.
Shareholders’ equity, after minority interest, stood at SAR 163.91 billion as of June 30, 2024, compared to SAR 176.78 billion a year earlier.
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- TASI
-
Energy
- 2222 - SAUDI ARAMCO
- 2030 - SARCO
- 2380 - PETRO RABIGH
- 4030 - BAHRI
- 4200 - ALDREES
- 2381 - ARABIAN DRILLING
- 2382 - ADES
- 1201 - TAKWEEN
- 1202 - MEPCO
- 1210 - BCI
- 1211 - MAADEN
- 1301 - ASLAK
- 1304 - ALYAMAMAH STEEL
- 1320 - SSP
- 2001 - CHEMANOL
- 2010 - SABIC
- 2020 - SABIC AGRI-NUTRIENTS
- 2090 - NGC
- 2150 - ZOUJAJ
- 2170 - ALUJAIN
- 2180 - FIPCO
- 2200 - APC
- 2210 - NAMA CHEMICALS
- 2220 - MAADANIYAH
- 2240 - ZAMIL INDUST
- 2250 - SIIG
- 2290 - YANSAB
- 2300 - SPM
- 2310 - SIPCHEM
- 2330 - ADVANCED
- 2350 - SAUDI KAYAN
- 3002 - NAJRAN CEMENT
- 3003 - CITY CEMENT
- 3004 - NORTHERN CEMENT
- 3005 - UACC
- 3010 - ACC
- 3020 - YSCC
- 3030 - SAUDI CEMENT
- 3040 - QACCO
- 3050 - SPCC
- 3060 - YCC
- 3080 - EPCCO
- 3090 - TCC
- 3091 - JOUF CEMENT
- 3092 - RIYADH CEMENT
- 2060 - TASNEE
- 3008 - ALKATHIRI
- 3007 - OASIS
- 1321 - EAST PIPES
- 1322 - AMAK
- 2223 - LUBEREF
- 2360 - SVCP
- 1212 - ASTRA INDUSTRIAL
- 1302 - BAWAN
- 1303 - EIC
- 2040 - SAUDI CERAMICS
- 2110 - SAUDI CABLE
- 2160 - AMIANTIT
- 2320 - ALBABTAIN
- 2370 - MESC
- 4140 - SIECO
- 4141 - ALOMRAN
- 4142 - RIYADH CABLES
- 1214 - SHAKER
- 4110 - BATIC
- 4143 - TALCO
- 4031 - SGS
- 4040 - SAPTCO
- 4260 - BUDGET SAUDI
- 2190 - SISCO HOLDING
- 4261 - THEEB
- 4263 - SAL
- 4262 - LUMI
- 1810 - SEERA
- 6013 - DWF
- 1820 - ALHOKAIR GROUP
- 4170 - TECO
- 4290 - ALKHALEEJ TRNG
- 6002 - HERFY FOODS
- 1830 - Leejam Sports
- 6012 - RAYDAN
- 4291 - NCLE
- 4292 - ATAA
- 6014 - ALAMAR
- 6015 - AMERICANA
- 4003 - EXTRA
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- 4240 - CENOMI RETAIL
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- 4051 - BAAZEEM
- 4192 - ALSAIF GALLERY
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- 4006 - FARM SUPERSTORES
- 4061 - ANAAM HOLDING
- 4160 - THIMAR
- 4161 - BINDAWOOD
- 4162 - ALMUNAJEM
- 4164 - NAHDI
- 4163 - ALDAWAA
- 2050 - SAVOLA GROUP
- 2100 - WAFRAH
- 2270 - SADAFCO
- 2280 - ALMARAI
- 6001 - HB
- 6010 - NADEC
- 6020 - GACO
- 6040 - TADCO
- 6050 - SFICO
- 6060 - SHARQIYAH DEV
- 6070 - ALJOUF
- 6090 - JAZADCO
- 2281 - TANMIAH
- 2282 - NAQI
- 2283 - FIRST MILLS
- 4080 - SINAD HOLDING
- 2284 - MODERN MILLS
- 4002 - MOUWASAT
- 4004 - DALLAH HEALTH
- 4005 - CARE
- 4007 - ALHAMMADI
- 4009 - SAUDI GERMAN HEALTH
- 2230 - CHEMICAL
- 4013 - SULAIMAN ALHABIB
- 2140 - AYYAN
- 4014 - EQUIPMENT HOUSE
- 4017 - FAKEEH CARE
- 1010 - RIBL
- 1020 - BJAZ
- 1030 - SAIB
- 1050 - BSF
- 1060 - SAB
- 1080 - ANB
- 1120 - ALRAJHI
- 1140 - ALBILAD
- 1150 - ALINMA
- 1180 - SNB
- 2120 - SAIC
- 4280 - KINGDOM
- 4130 - ALBAHA
- 4081 - NAYIFAT
- 1111 - TADAWUL GROUP
- 4082 - MRNA
- 1182 - AMLAK
- 1183 - SHL
- 8010 - TAWUNIYA
- 8012 - JAZIRA TAKAFUL
- 8020 - MALATH INSURANCE
- 8030 - MEDGULF
- 8040 - ALLIANZ SF
- 8050 - SALAMA
- 8060 - WALAA
- 8070 - ARABIAN SHIELD
- 8190 - UCA
- 8230 - ALRAJHI TAKAFUL
- 8280 - LIVA
- 8150 - ACIG
- 8210 - BUPA ARABIA
- 8270 - BURUJ
- 8180 - ALSAGR INSURANCE
- 8170 - ALETIHAD
- 8100 - SAICO
- 8120 - GULF UNION ALAHLIA
- 8200 - SAUDI RE
- 8160 - AICC
- 8250 - GIG
- 8240 - CHUBB
- 8260 - GULF GENERAL
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- 8310 - AMANA INSURANCE
- 8311 - ENAYA
- 8313 - RASAN
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- 4333 - TALEEM REIT
- 4334 - AL MAATHER REIT
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- 4340 - Al RAJHI REIT
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- 4344 - SEDCO CAPITAL REIT
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- NOMU
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Utilities
Real Estate Mgmt & Dev't
REITs
Health Care Equipment & Svc
- 9518 - CMCER
- 9530 - TIBBIYAH
- 9527 - AME
- 9544 - FUTURE CARE
- 9546 - NABA ALSAHA
- 9574 - PRO MEDEX
- 9594 - ALMODAWAT
- 9572 - ALRAZI
- 9587 - LANA
- 9600 - QOMEL
- 9604 - MIRAL
- 9515 - FESH FASH
- 9532 - ALJOUF WATER
- 9536 - FADECO
- 9556 - NOFOTH
- 9559 - BALADY
- 9564 - HORIZON FOOD
- 9555 - LEEN ALKHAIR
- 9513 - WATANI STEEL
- 9514 - ALNAQOOL
- 9523 - GROUP FIVE
- 9539 - AQASEEM
- 9548 - APICO
- 9553 - MOLAN
- 9565 - MEYAR
- 9552 - SAUDI TOP
- 9563 - BENA
- 9566 - LIME INDUSTRIES
- 9580 - ALRASHID INDUSTRIAL
- 9583 - UNITED MINING
- 9576 - PAPER HOME
- 9588 - RIYADH STEEL
- 9575 - MARBLE DESIGN
- 9599 - TAQAT
- 9601 - ALRASHEED
- 9605 - NEFT ALSHARQ
- 9607 - ASG
- 9609 - NAAS PETROL
- 9510 - NBM
- 9528 - GAS
- 9531 - OBEIKAN GLASS
- 9533 - SPC
- 9529 - RAOOM
- 9525 - ALWASAIL INDUSTRIAL
- 9542 - KEIR
- 9547 - RAWASI
- 9568 - MAYAR
- 9569 - ALMUNEEF
- 9578 - ATLAS ELEVATORS
- 9560 - WAJA
- 9540 - TADWEEER
- 9545 - ALDAWLIAH
- 9570 - TAM DEVELOPMENT
- 9581 - CLEAN LIFE
- 9593 - PAN GULF
- 9597 - LEAF
- 9608 - ALASHGHAL ALMOYSRA
- 9606 - THARWAH
- 9520 - BURGERIZZR
- 9541 - ACADEMY OF LEARNING
- 9567 - GHIDA ALSULTAN
- 9562 - FOOD GATE
- 9590 - ARMAH
- 9526 - JAHEZ
- 9598 - ALMOHAFAZA FOR EDUCATION
- 9603 - HORIZON EDUCATIONAL
Share Price
Saudi Basic Industries Corp. (SABIC)
Current | |
Market Cap (M Riyal) | 221,400.00 |
Enterprise Value (EV) (M) | 246,769.17 |
Shares Outstanding ((M)) | 3,000.00 |
EPS ( Riyal) (TTM) | (0.73) |
Book Value (BV) ( Riyal) | 54.64 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | More than 100 |
P/E (TTM) | NEG |
Price/book | 1.35 |
Return on Average Assets (%) (TTM) | (0.74 ) |
Return on Average Equity (%) (TTM) | (1.28 ) |
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