SABIC’s profits fell 67% in the third quarter to 1.84 billion riyals

The net profit of Saudi Basic Industries Corporation “SABIC” decreased by 67.14% in the third quarter of 2022, to about 1.84 billion riyals, after zakat and taxes, compared to a net profit of about 5.6 billion of riyals in the same quarter of 2021.

On a quarterly basis, SABIC’s net profit decreased by 76.8% in the third quarter of 2022, compared to a net profit of approximately 7.93 billion riyals in the second quarter of 2022.

SABIC declared today, Sunday, in a statement on “Tadawul Saudi Arabia” that the reason for the decrease in net profit in the third quarter of 2022, on an annual basis, is due to the high cost of sales and the increase in shipping and distribution costs, despite the increase in quantities sold.

He added that he had recorded a provision for devaluation of the value of some financial assets of 0.51 billion riyals.

SABIC’s revenues totaled 46.87 billion riyals in the third quarter of 2022, compared to approximately 43.7 billion riyals in the same quarter of 2021, an increase of 7.25%.

During the first nine months of 2022, SABIC’s net profit decreased by 10.28% to around 16.24 billion riyals, after zakat and taxes, compared to 18.1 billion riyals, profits for the same period of the year. 2021.

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