SABIC incurs SAR 3.27 bln net losses in H1 2020

06/08/2020 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC) reported a net loss after Zakat and tax of SAR 3.27 billion for H1 2020, compared to a net profit of SAR 5.35 billion in year-earlier period.

The petrochemicals giant attributed the losses to lower average selling prices and sales volumes, impairment provision for certain capital and financial assets worth SAR 2.28 billion, including the impairment provision in the Spain-based ULTEM™ polymers plant at SAR 713 million.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	70,909.55	54,812.57	(22.7 %)
Gross Income	17,949.04	8,894.17	(50.4 %)
Operating Income	8,145.91	(846.27)	(110.4 %)
Net Income	5,352.56	(3269.93)	(161.1 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	1.78	(1.09)	(161.1 %)

In Q2 2020, SABIC swung to a net loss after Zakat and tax of SAR 2.22 billion, against a net profit of SAR 2.03 billion a year earlier, hit by lower average selling prices and sales volume, in addition to SAR 1.18 billion worth of impairment provisions for certain capital assets.

When compared to the previous quarter, net losses widened by 111.4% on a drop in average selling prices, in addition to impairment provisions for certain capital assets at a total value of SAR 1.18 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	34,899.15	24,619.43	(29.5 %)
Gross Income	8,542.92	3,587.99	(58.0 %)
Operating Income	3,617.27	(1291.91)	(135.7 %)
Net Income	2,029.98	(2223.98)	(209.6 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.68	(0.74)	(209.6 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	30,193.15	24,619.43	(18.5 %)
Gross Income	5,420.00	3,587.99	(33.8 %)
Operating Income	445.65	(1291.91)	(389.9 %)
Net Income	(1045.94)	(2223.98)	(112.6 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	(0.35)	(0.74)	(112.6 %)

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