Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

All figures are in (Billions) Saudi Arabia, Riyals

Element List

Current Period

Similar period for previous year

%Change

Total Share Holders Equity (after Deducting Minority Equity)

187.58

171.43

9.42

Profit (Loss) per Share

2.16

1.62

All figures are in (Billions) Saudi Arabia, Riyals

Element List

Explanation

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is

The increase in net income is mainly attributable to the higher average selling prices and higher sales volume despite the increase in selling and distribution expenses and impairment provisions in certain financial assets in the amount of SAR 0.38 billion, SABIC share amounted to SAR 0.38 billion.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is

The increase in net income is mainly attributable to lower operating costs as well as lower impairment and restructuring provisions of SAR 0.54 billion, SABIC share is SAR 0.38 billion. Also, lower financial charges of SAR 0.72 billion were recorded versus last quarter mainly due to the re-measurement of derivatives equity instruments for forward contracts related to certain joint venture agreements effect in previous quarter which was non-cash in nature.

Statement of the type of external auditor's report

Unmodified