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.
| 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 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 31,676.83 | 30,193.15 | (4.7 %) |
| Gross Income | 3,477.34 | 5,420.00 | 55.9 % |
| Operating Income | (1639.25) | 445.65 | 127.2 % |
| Net Income | (891.49) | (1045.94) | (17.3 %) |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | (0.30) | (0.35) | (17.3 %) |
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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