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.
| 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 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 39,535.78 | 36,432.36 | (7.8 %) |
| Gross Income | 5,707.14 | 5,845.25 | 2.4 % |
| Operating Income | 193.99 | 1,196.84 | 517.0 % |
| Net Income | 292.70 | 656.91 | 124.4 % |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 0.10 | 0.22 | 124.4 % |
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.
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