The financial statements of the Saudi Basic Industries Corporation (SABIC) revealed that the company's profits fell in the third quarter of this year by 67.1% to reach 1.84 billion riyals, compared to 5.6 billion riyals in profits for the same period in 2021.
SABIC said in a statement to the Saudi market, Tadawul, today, Sunday, that the decline in profits during the comparison periods is mainly due to the high cost of sales and the increase in shipping and distribution costs, noting that there is an increase in the quantities sold. In addition, a provision was recorded for impairment in the value of some financial assets, amounting to 0.51 billion riyals.
SABIC achieved revenues of 46.87 billion riyals in the third quarter of this year, compared to 43.7 billion riyals in the same period of the previous year, an increase of 7.25%.
For the first nine months of this year, SABIC achieved profits of 16.24 billion riyals, compared to 18.1 billion riyals in the same period last year, with a decrease in profits by 10.3%.
SABIC announced its intention not to continue announcing the interim consolidated financial results for the fourth quarter, and only to announce the annual consolidated financial results.
SABIC explained that the company's annual consolidated financial results for 2022 are expected to be announced by the end of February next year (2023).
