November 4th.. “SABIC” to announce its financial results for Q3.. “Maaal” monitors expectations for the company’s results

SABIC is expected to announce the quarterly results for the third quarter of 2024 next Monday, November 4th, 2024. The company called for a press conference on the company’s performance and financial results, at ten o’clock in the morning, on Monday, November 4th, at SABIC’s headquarters in Riyadh.

According to (Mal) monitoring, 5 consulting firms expected the results of the Saudi Basic Industries Corporation (SABIC) in the third quarter of 2024, with an average forecast of 1,494 million riyals in profits by the end of the third quarter of 2024, compared to losses of about 2,876 million riyals incurred in the corresponding quarter of 2023.

According to the forecasts, Riyad Capital was the most optimistic about SABIC’s profits among the consulting firms, expecting the company to achieve 1,699 million riyals in profits, followed by Al-Ahli Capital with expectations of 1,623 million riyals, while the expectations of Osool & Bakheet Investment were the lowest, expecting the company to record 1,267 million riyals in profits by the end of the third quarter of 2024.

The net profit of the Saudi Basic Industries Corporation (SABIC) jumped to 2.18 billion riyals during the second quarter compared to 1.18 billion riyals in the corresponding quarter of last year by 85%,

The reason for the increase in net profit during the second quarter is due to 2024 compared to the same quarter of the previous year to an increase in gross profit by SAR 1.76 billion (32%) due to an improvement in profit margins for some key products, partially offset by an increase in operating expenses due to the recording of some non-recurring operations, and a reversal of a provision for Zakat expenses that led to recording non-cash gains of SAR 545 million in the second quarter of 2024 compared to the Zakat expense of SAR 440 million in the second quarter of 2023 based on recent updates to the relevant regulations, and a decrease in gains from the revaluation of financial derivatives of equity led to a decrease in financing revenues by SAR 556 million, which are non-cash in nature, and the second quarter of 2024 witnessed a decrease in losses from discontinued operations by SAR 226 million. According to a survey conducted by Maaal newspaper on SABIC’s results over the past 58 quarters, from Q1 2010 to Q2 2024, SABIC achieved an increase in 28 quarters on an annual basis, while it achieved a decline in the remaining 30 quarters. According to Maaal’s survey, the highest quarterly profits recorded by the company over the past 14 years were its profits in Q3 2011, which amounted to about 8.2 billion riyals.