Logo of Sadara Chemical Co.
Sadara Chemical Co. reported a net loss after Zakat and tax of SAR 893.3 million for the first nine months of 2022, compared to a net profit SAR 2.908 billion in the year-earlier period, as shown below:
|
Income Statement |
|||
|
Period |
9M 2021 |
9M 2022 |
Change |
|
Sales (SAR mln) |
12,996.5 |
11,566.1 |
(11%) |
|
Gross Income (SAR mln) |
3,954.6 |
1,222.1 |
(69%) |
|
Operating Income (SAR mln) |
3,674.1 |
821.0 |
(78%) |
|
Net Profit (SAR mln) |
2,908.4 |
(893.3) |
(131%) |
The losses were attributed to lower average selling prices of products and higher production costs from feedstock prices, resulting in margin compression; however, Sadara continued to push higher product volumes to the market. Additionally, the company recognized modification gain from debt reprofiling of SAR 1.05 billion year-on-year.
Sadara turned to a net loss after Zakat and tax of SAR 1.168 billion in Q3 2022, against a profit of SAR 684.3 million in Q3 2021 and SAR 229.2 million in Q2 2022.
|
Sadara Chemical’s Sales & Net Profit |
||
|
Period |
Sales (SAR mln) |
Net Profit (SAR mln) |
|
2021 |
||
|
Q1 |
4,417.0 |
1,617.8 |
|
Q2 |
3,889.4 |
606.3 |
|
Q3 |
4,690.2 |
684.3 |
|
Q4 |
4,620.9 |
197.2 |
|
2022 |
||
|
Q1 |
3,903.9 |
45.9 |
|
Q2 |
4,409.6 |
229.2 |
|
Q3 |
3,252.6 |
(1,168.3) |
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