Financial Results : SABIC profit drops 29% to SAR 16.5 bln in 2022; Q4 sinks 94% to SAR 293 mln

SABIC profit drops 29% to SAR 16.5 bln in 2022; Q4 sinks 94% to SAR 293 mln

28/02/2023 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC) posted a 29% drop in net profit after Zakat and tax to SAR 16.5 billion in 2022, from SAR 23.1 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 174,883.13 183,076.59 4.7 %
Gross Income 47,877.13 41,321.74 (13.7 %)
Operating Income 29,967.41 20,025.27 (33.2 %)
Net Income 23,066.00 16,529.72 (28.3 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 7.69 5.51 (28.3 %)

The petrochemical producer’s profit was hit by lower profit margins for most of the key products on higher feedstock prices along with an increase in selling and distribution costs, partially offset by higher sales volumes.

 

Impairment provisions were recorded for certain financial and capital assets at SAR 1.49 billion, partially offset by SAR 0.59 billion gains from revaluations and sale of certain investments in associates and joint ventures.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 51,235.34 39,535.78 (22.8 %)
Gross Income 13,085.34 5,707.14 (56.4 %)
Operating Income 7,685.34 193.99 (97.5 %)
Net Income 4,973.69 292.70 (94.1 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 1.66 0.10 (94.1 %)

In Q4 2022, net profit after Zakat and tax dived 94% to SAR 293 million, from SAR 4.96 billion in the year-earlier period.

 

The fourth-quarter net profit plunged 84% from SAR 1.83 billion in Q3 2022.

 

Shareholders’ equity, after minority interest, rose to SAR 186.05 billion as of Dec. 31, 2022, from SAR 180.14 billion a year earlier.

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