Financial Results : SABIC Q1 2023 profit dips 90% to SAR 656.9 mln

SABIC Q1 2023 profit dips 90% to SAR 656.9 mln

04/05/2023 Argaam Exclusive

View other reports

Saudi Basic Industries Corp. (SABIC) posted a 90% slump in Q1 2023 net profit to SAR 656.9 million, compared to SAR 6.47 billion in the year-earlier period. The profit dive was primarily due to lower average selling prices and sales volumes, in addition to weak results from associates and joint ventures. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 52,641.59 36,432.36 (30.8 %)
Gross Income 13,476.89 5,845.25 (56.6 %)
Operating Income 8,586.28 1,196.84 (86.1 %)
Net Income 6,474.95 656.91 (89.9 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 2.16 0.22 (89.9 %)

Compared to Q4 2022, Q1 2023 net profit more than doubled from SAR 302.70 million, driven by improved profit margins for some key products and lower operating costs.

 

However, this was partially offset by lower sales volumes.

 

Shareholders’ equity, after minority interest, declined to SAR 186.98 billion as of March 31, 2023, from SAR 187.58 billion a year earlier.

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.