Saudi Basic Industries Corp. (SABIC) posted a 29% drop in net profit after Zakat and tax to SAR 16.5 billion in 2022, from SAR 23.1 billion in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 174,883.13 | 183,076.59 | 4.7 % |
| Gross Income | 47,877.13 | 41,321.74 | (13.7 %) |
| Operating Income | 29,967.41 | 20,025.27 | (33.2 %) |
| Net Income | 23,066.00 | 16,529.72 | (28.3 %) |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 7.69 | 5.51 | (28.3 %) |
The petrochemical producer’s profit was hit by lower profit margins for most of the key products on higher feedstock prices along with an increase in selling and distribution costs, partially offset by higher sales volumes.
Impairment provisions were recorded for certain financial and capital assets at SAR 1.49 billion, partially offset by SAR 0.59 billion gains from revaluations and sale of certain investments in associates and joint ventures.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 51,235.34 | 39,535.78 | (22.8 %) |
| Gross Income | 13,085.34 | 5,707.14 | (56.4 %) |
| Operating Income | 7,685.34 | 193.99 | (97.5 %) |
| Net Income | 4,973.69 | 292.70 | (94.1 %) |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 1.66 | 0.10 | (94.1 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 43,316.20 | 39,535.78 | (8.7 %) |
| Gross Income | 8,182.04 | 5,707.14 | (30.2 %) |
| Operating Income | 2,849.93 | 193.99 | (93.2 %) |
| Net Income | 1,835.92 | 292.70 | (84.1 %) |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 0.61 | 0.10 | (84.1 %) |
In Q4 2022, net profit after Zakat and tax dived 94% to SAR 293 million, from SAR 4.96 billion in the year-earlier period.
The fourth-quarter net profit plunged 84% from SAR 1.83 billion in Q3 2022.
Shareholders’ equity, after minority interest, rose to SAR 186.05 billion as of Dec. 31, 2022, from SAR 180.14 billion a year earlier.
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