SABIC earns SAR 3.43B in 9M 2024, SAR 1B in Q3

04/11/2024 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC) turned to a net profit of SAR 3.43 billion in the first nine months of 2024, against a net loss of SAR 1.04 billion a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	106,505.05	105,280.00	(1.2 %)
Gross Income	17,500.00	20,060.00	14.6 %
Operating Income	5,080.00	5,790.00	14.0 %
Net Income	(1041.03)	3,430.00	429.5 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	(0.35)	1.14	429.5 %

Operating income increased by around SAR 704 million due to a rise in the gross profit margin, offset by higher operating costs.

SABIC reported a decline in total losses from discontinued operations in the current period to SAR 515 million, compared to SAR 3.82 billion in the same period last year. This was attributed to the fair value estimation of Saudi Iron and Steel Co. (Hadeed) upon its classification as discontinued operations until the closure of the previously announced sale deal.

Zakat expenses decreased for the current period by SAR 1.05 billion compared to the same period last year, due to the reversal of the Zakat expense provision in June 2024, following updates to the relevant regulations.

Moreover, financing income dropped by SAR 953 million, primarily due to a reduction in gains from revaluation of equity-related financial derivatives, which are non-cash in nature. Revenue also went down by 1% year-on-year (YoY).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	35,975.30	36,880.00	2.5 %
Gross Income	6,400.00	7,000.00	9.4 %
Operating Income	1,680.00	2,480.00	47.6 %
Net Income	(2876.36)	1,000.00	134.8 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	(0.96)	0.33	134.8 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	35,718.60	36,880.00	3.3 %
Gross Income	7,193.82	7,000.00	(2.7 %)
Operating Income	2,100.00	2,480.00	18.1 %
Net Income	2,183.53	1,000.00	(54.2 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.73	0.33	(54.2 %)

In Q3 2024, SABIC generated a net profit of SAR 1 billion, against a net loss of SAR 2.87 billion in Q3 2023, thanks to a 3% YoY rise in revenue to SAR 36.88 billion amid better average selling prices. This came despite a marginal decline in sales volumes.

Net earnings, however, fell 54.2% from SAR 2.18 billion in the previous quarter as gross profit declined by 3% quarter-on-quarter (QoQ) on lower average product selling prices and higher feedstock costs. The petrochemical producer also reported an increase of SAR 223 million in operating expenses.

Total shareholders’ equity, after minority interest, declined to SAR 165.5 billion as of Sept. 30, 2024, from SAR 173.9 billion a year earlier.

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Quarterly Actuals vs Estimates 04/11/202404/11/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SAUDI CEMENT	92.40	100.20	8.4 %
ADES	198.84	196.00	(1.4 %)
SHAKER	19.00	17.72	(6.8 %)
MOUWASAT	167.20	149.64	(10.5 %)
TCC	26.10	23.05	(11.7 %)
ALDAWAA	86.63	75.09	(13.3 %)

Company	Estimated	Actual	Change
MALATH INSURANCE	(24.00)	5.55	123.1 %
STC	3,497.38	4,643.00	32.8 %
SAUDI CEMENT	92.40	100.20	8.4 %
BUPA ARABIA	343.94	356.28	3.6 %
LUMI	39.83	40.14	0.8 %

Company	Estimated	Actual	Change
SABIC	1,544.77	1,000.00	(35.3 %)
ALDAWAA	86.63	75.09	(13.3 %)
NAJRAN CEMENT	20.50	17.93	(12.5 %)
TCC	26.10	23.05	(11.7 %)
MOUWASAT	167.20	149.64	(10.5 %)
SHAKER	19.00	17.72	(6.8 %)
SAL	166.32	155.50	(6.5 %)
ADES	198.84	196.00	(1.4 %)

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