Ahead earning..SABIC records SR1.5bln profits from investment in 3 companies

Saudi Basic Industries Corporation, known as SABIC, is due to announce tomorrow its quarterly earnings for the first quarter of 2022. It is expected that SABIC will report higher profits driven by the increase in petrochemical and agri-nutrition prices.

Based on data collected by Maaal, sabic Agri-Nutrients Company and Ma’aden reported higher profits of 494% and 185% respectively.

According to SABIC’s financial statements in 2021, its business focus on three main sectors: petrochemicals (contributes to 85.9% of revenues), agri-nutrition (7% of revenues) and Hadeed (7.3% of revenues).

At the same time, SABIC profited almost SR 1.467 billion from investment stakes in the three companies ” Agri-Nutrition (50.1% stake), Yansab (51% stake) and Kayan (35% stake).

Analysts estimated that SABIC would report SR 5.65 billion profits in the first quarter of 2022 compared to SR 4.86 billion a year earlier.