Financial Results : SABIC earns SAR 1.54B in 2024, incurs SAR 1.89B loss in Q4

SABIC earns SAR 1.54B in 2024, incurs SAR 1.89B loss in Q4

26/02/2025 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC) swung to a net profit of SAR 1.54 billion in 2024, against a net loss of SAR 2.77 billion a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 141,537.19 139,980.50 (1.1 %)
Gross Income 23,720.08 25,623.77 8.0 %
Operating Income 4,955.09 5,234.65 5.6 %
Net Income (2772.28) 1,538.54 155.5 %
Average Shares 3,000.00 3,000.00 -
Earnings Per Share before unusual items (Riyals) 0.77 0.98 26.6 %
EPS (Riyals) (0.92) 0.51 155.5 %

SABIC reported a decline in total losses from discontinued operations in 2024 to SAR 3.52 billion, due to the fair value estimation of Saudi Iron and Steel Co. (Hadeed).

 

Operating income saw an increase of SAR 2.02 billion year-on-year (YoY), thanks to higher gross profit despite being partially offset by increased operating expenses.

 

Zakat expenses shrank YoY by SAR 1.06 billion due to the reversal of the Zakat expense provision in 2024, following updates to the relevant regulations.

 

On the other hand, the annual topline decreased by 1% YoY to SAR 139.98 billion, primarily on a drop in sales volumes despite an in increase in average product selling prices.

 

Similarly, financing income dropped by SAR 1.74 billion, mainly due to a reduction in gains from revaluation of equity-related financial derivatives.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 35,032.14 34,695.93 (1.0 %)
Gross Income 5,968.57 5,567.89 (6.7 %)
Operating Income 726.62 13.17 (98.2 %)
Net Income (1731.25) (1894.83) (9.4 %)
Average Shares 3,000.00 3,000.00 -
Earnings Per Share before unusual items (Riyals) 0.06 (0.22) (479.4 %)
EPS (Riyals) (0.58) (0.63) (9.4 %)

In Q4 2024, the giant petrochemical producer widened net losses by 9.4% to SAR 1.89 billion, from SAR 1.73 billion in Q4 2023.

 

SABIC turned to losses from SAR 1 billion net profit in Q3 2024.

 

Total shareholders’ equity, after minority interest, declined to SAR 156.83 billion as of Dec. 31, 2024, from SAR 167.43 billion a year earlier.

 

Attached Documents

 

 

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