SABIC gains SAR 16.53 billion at the end of 2022, 28% lower than previous year

The net profit after zakat and tax of the Saudi Basic Industries Corporation “SABIC” decreased to SAR 16.53 billion during the year 2022, compared to SAR 23 billion in 2021, by 28%. This came after today’s announcement of the annual financial results ending on 31-12-2022.
The operating profit amounted to SAR 23.88 billion during the year ending in 2022, compared to SAR 33.6 billion in the previous year, a decline of 29%.
The total profit amounted to SAR 42.67 billion in the current year, compared to SAR 47.88 in the previous year, a decrease of 11%.
Earnings per share in the current year amounted to SAR 5.51, compared to SAR 7.69 in the previous year.
The decrease in net income is mainly attributable to lower profit margins for most of the key products, which was driven by higher feedstock prices in addition to an increase in selling and distribution costs, partially offset by higher quantities sold.
Impairment provisions were recorded for certain financial and capital assets net to SAR 1.49 billion, partially offset by valuation effects and gain on sale of certain investments in associates and joint ventures of SAR 0.59 billion.
The Company said that certain prior period figures have been re-classified to conform with the presentation in the current period. None of the re-classifications impacted Net Profit or Shareholders’ Equity.