SABIC Reports SAR 1.54 Billion Net Profit by End of 2024

Saudi Basic Industries Corporation (SABIC) posted a net profit of SAR 1.54 billion for the year 2024, recovering from a net loss of SAR 2.77 billion in 2023. This follows the company’s preliminary financial results announcement for the period ending December 31, 2024.

Key Financial Highlights:

• Operating profit surged 54% to SAR 5.87 billion in 2024, up from SAR 3.72 billion last year.
• Equity (after excluding non-controlling interests) declined 6% to SAR 156.8 billion, compared to SAR 167.4 billion in 2023.
• Earnings per share (EPS) reached SAR 0.51, recovering from a loss of SAR 0.92 per share last year.

In a statement on Tadawul, SABIC reported total revenue of SAR 139.98 billion, reflecting a 1% year-on-year decline. The company attributed the drop primarily to a decrease in sales volume, partially offset by an increase in average selling prices.