SABIC’s profits fall to SAR 16.24bn in 9M-22 interim results

SABIC’s profits fall to SAR 16.24bn in 9M-22 interim results

Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) posted a 10.28% decline in net profit after Zakat and tax to SAR 16.24 billion during the first nine months (9M) of 2022, versus SAR 18.10 billion in 9M-21.

Revenues amounted to SAR 155.49 billion in the January-September 2022 period, an annual surge of 25.75% from SAR 123.65 billion, according to the initial income statements.

The earnings per share (EPS) retreated to SAR 5.41 in 9M-22 from SAR 6.03 in 9M-21.

During the third quarter (Q3) of 2022, SABIC achieved net profits after Zakat and tax worth SAR 1.84 billion, down 67.14% year-on-year (YoY) from SAR 5.60 billion.

Meanwhile, the revenues rose by 7.25% YoY to SAR 46.87 billion in Q3-22 from SAR 43.70 billion.

On a quarterly basis, the Q3-22 net profits after Zakat and tax plummeted by 76.80% from SAR 7.93 billion in Q2-22, whereas the revenues dropped by 16.27% from SAR 55.98 billion.

In the first half (H1) of 2022, the Tadawul-listed firm generated SAR 14.40 billion in net profit after Zakat and tax, higher by 15.11% than SAR 12.51 billion in H1-21.