Sadara Chemical’s net profit tumbles 97% to SAR 45.9 mln in Q1 2022

17/05/2022 Argaam
Logo of Sadara Chemical Co.

Logo of Sadara Chemical Co. 


Sadara Chemical Co., the parent company of Sadara Basic Services Co., reported a 97% slump in Q1 2022 net profit after Zakat and tax to SAR 45.9 million, compared to SAR 1.617 billion in the year-ago period. 

 

The company attributed the profit drop primarily to the recognition of SAR 1.05 billion gains from debt restructuring in Q1 2021. Sadara also cited a decline in higher production costs due to higher feedstock prices despite a rise in average sales price compared to the first quarter last year.

 

Compared to the previous quarter, the company attributed a decrease in net profit to higher production costs and feedstock prices.

 

Sadara Chemical Net Profit Since 2020

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

2020

Q1

2450.4

(1276.3)

Q2

1861.2

(1405.7)

Q3

2809.0

(513.7)

Q4

3382.8

(24.6)

2021

Q1

4417.0

1617.8

Q2

3889.4

606.3

Q3

4690.2

684.3

Q4

4620.8

197.2

2022

Q1

3903.9

45.9

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