Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) swung to net losses after Zakat and tax valued at SAR 1.04 billion in the first nine months (9M) of 2023.
The negative results were compared with net profits amounting to SAR 16.24 billion in 9M-22, according to the interim income statements.
Revenues declined by 25.80% year-on-year (YoY) to SAR 106.51 billion in 9M-23 from SAR 143.54 billion.
Loss per share hit SAR 0.35 during January-September 2023, against earnings per share (EPS) of SAR 5.41 in the year-ago period.
Financial Results for Q3-23
During the third quarter (Q3) of 2023, SABIC turned to net losses worth SAR 2.88 billion, versus net profits valued at SAR 1.84 billion a year earlier.
The revenues plummeted by 16.94% to SAR 35.98 billion in Q3-23 from SAR 43.32 billion in the year-ago period.
On a quarterly basis, the company also turned to net losses against net profits valued at SAR 1.18 billion in Q2-23, while the revenues grew by 5.51% from SAR 34.10 billion.
Abdulrahman Al Fageeh, CEO of SABIC, said: “Despite the global weak demand for chemicals, SABIC managed to increase sales volume by 7% with improvement in [earnings before interest, taxes, depreciation, and amortisation] EBITDA margin for this quarter.”
Al Fageeh commented on its subsidiary Hadeed transaction with the Public Investment Fund (PIF), which was announced last September at a value of SAR 12.50 billion.
“The transaction will help SABIC to realize its strategic goals to become the preferred world leader in chemicals,” he indicated.
