The financial results of the Saudi Basic Industries Corporation (SABIC) revealed that the company’s profits in 2022 declined by 28.4% on an annual basis, to reach 16.53 billion riyals, compared to 23.07 billion riyals in profits in 2021.
SABIC said in a statement to the Saudi market (Tadawul) today, Tuesday, that the decrease in annual profits is mainly due to lower profit margins for most of the main products, mainly driven by higher average feedstock prices and higher shipping and distribution costs, partially offset by an increase in quantities sold.
(SABIC) added that the decline in profits is also due to the recording of impairment provisions in the value of some financial and capital assets, net of 1.49 billion riyals, and this was partially offset by recording gains from the revaluation and sale of some investments in associates and joint ventures in the amount of 0.59 billion riyals.
(SABIC) results showed an increase in sales last year by 13.50%, to reach 198.47 billion riyals by the end of the year, compared to 174.88 billion riyals in 2021, an increase of approximately 23.59 billion riyals.
The results also revealed an improvement in the total equity of (SABIC) shareholders last year - after excluding minority interests - to reach 186.05 billion riyals by the end of the year compared to 180.14 billion riyals in 2021, a growth of 3.3%.
