Financial Results : SABIC turns to SAR 950 mln net losses in Q1 2020

SABIC turns to SAR 950 mln net losses in Q1 2020

04/05/2020 Argaam Exclusive

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Petrochemicals giant Saudi Basic Industries Corp. (SABIC) reported a net loss after Zakat and tax of SAR 950 billion for the first quarter of 2020, compared to a net profit of SAR 3.4 billion in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 36,010.40 30,193.15 (16.2 %)
Gross Income 9,406.12 5,420.00 (42.4 %)
Operating Income 4,528.64 445.65 (90.2 %)
Net Income 3,322.59 (1045.94) (131.5 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 1.11 (0.35) (131.5 %)

The company attributed the losses to lower average selling prices and impairment provision in certain capital and financial assets worth SAR 1.1 billion.

 

When compared to the previous quarter, Q1 2020 net loss widened 20% due to lower average selling prices, impairment provision in certain capital and financial assets worth SAR 1.1 billion, and higher Zakat provision.

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