SABIC headquarters
Saudi Basic Industries Corp. (SABIC) said that average selling prices fell by 15% in Q3 2022 compared to the second quarter of 2022. Sales volumes also decreased by 1% quarter-on-quarter (QoQ).
For the first nine months of 2022, average sales prices increased by 15% and sales volumes rose by 11%, compared with the corresponding period of 2021, SABIC explained in its Q3 2022 earnings statement.
The major petrochemical producer pointed to its estimate of 2.5% to 2.8% growth in the Kingdom’s gross domestic product (GDP) for 2022, expecting margins to be under pressure in the fourth quarter of 2022.
“With current global conditions, we continue to keep our operating costs under control and maintain our strong balance sheet. Capital discipline remains a focus area and we estimate that we will end the year with 20% less capital expenditure than planned,” Acting CEO, Abdulrahman Al-Fageeh, said.
SABIC reported a net profit after Zakat and tax of SAR 16.24 billion for the first nine months of 2022, a drop of 10% from SAR 18.10 billion in the year-ago period. The third-quarter net profit plunged 67% to SAR 84.1 billion, Argaam reported.
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