SABIC’s H1 2022 profit up 15% to SAR 14.4 bln; Q2 rises 4% to SAR 7.9 bln

09/08/2022 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC) reported a net profit after Zakat and tax of SAR 14.4 billion for the first half of 2022, a leap of 15% from SAR 12.5 billion in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	79,949.87	108,617.88	35.9 %
Gross Income	24,738.66	28,570.07	15.5 %
Operating Income	15,356.87	17,697.26	15.2 %
Net Income	12,505.54	14,401.10	15.2 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	4.17	4.80	15.2 %

The profit jump was driven by higher average selling prices and sales volumes despite increased feedstock costs, as well as selling and distribution expenses. This was coupled by a rise in the company’s profit share from associates and joint ventures.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	42,419.19	55,976.30	32.0 %
Gross Income	13,652.60	15,093.17	10.6 %
Operating Income	8,816.78	9,110.99	3.3 %
Net Income	7,643.17	7,926.15	3.7 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	2.55	2.64	3.7 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	52,641.59	55,976.30	6.3 %
Gross Income	13,476.89	15,093.17	12.0 %
Operating Income	8,586.28	9,110.99	6.1 %
Net Income	6,474.95	7,926.15	22.4 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	2.16	2.64	22.4 %

In Q2 2022, net profit after Zakat and tax grew by 4% to SAR 7.9 billion, from SAR 7.64 billion in the prior-year period, thanks to better average selling prices and sales volumes despite increased feedstock costs, as well as higher selling and distribution expenses.

SABIC also cited a rise in its profit share from associates and joint ventures.

Compared to Q1 2022, net profit climbed by 22.6% from SAR 6.47 billion, due to the previously-mentioned reasons.

Total shareholders’ equity, after minority interests, increased by 6.68% to SAR 180.66 billion as of June 30, 2022, from SAR 169.34 billion a year earlier.

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