SABIC Reports 28% Decrease in Profits to 16.5 Billion Riyals by 2022

Saudi Basic Industries Corporation’s (SABIC) annual financial results on Tuesday showed a 94 percent drop in net profit in the fourth quarter of 2022, to about 0.29 billion riyals ($0.08 billion), compared to approximately 4.97 billion riyals ($1.32 billion) billion) in the Fourth Quarter of 2022.

On a quarterly basis, the company’s net income decreased by 84% compared to net income of approximately 1.84 billion riyals ($0.49 billion) in the third quarter of 2022.

Net profits of “SABIC” decreased by 28.35% in 2022, to approximately 16.53 billion riyals, after zakat and taxes, compared to 23.07 billion riyals in 2021.