Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) registered net profits after zakat and tax amounting to SAR 660 million in the first quarter (Q1) of 2023, lower by 89.80% year-on-year (YoY) than SAR 6.47 billion.
The company’s revenues hit SAR 39.69 billion in Q1-23, an annual plunge of 24.60% from SAR 52.64 billion, according to the interim financial results.
Earnings per share (EPS) stood at SAR 0.22 in the January-March 2023 period, compared to SAR 2.16 in Q1-22.
On a quarterly basis, the Q1-23 net profits hiked by 127.59% from SAR 290 million in Q4-22, while the revenues declined by 7.65% from SAR 42.98 billion.
Abdulrahman Al Fageeh, CEO of SABIC, commented: “We are closely monitoring the changes and the recovery of the global market demand.”
“New capacities in Q1-23 are adding more pressure on global prices, while there is limited relief on variable cost. We continue to keep our operating costs under control and maintain our strong balance sheet,” Al Fageeh highlighted.
He added: “To that extent, the Shareek programme will play a key role in the next growth phase of SABIC.”
“The first package of initiatives was launched during Q1-23, whereby SABIC will contribute to the transformation of Saudi Arabia into a manufacturing hub for specialised materials through a strategic project to build and manufacture catalysts,” the CEO noted.
Last year, SABIC generated SAR 16.53 billion in net profit after Zakat and tax, down 28.35% from SAR 23.07 billion in the 12-month period that ended on 31 December 2021.
