Saudi Basic Industries Company (SABIC) announced the financial results for the fiscal year ending on December 31, 2022. As it recorded profits amounting to 16.5 billion riyals, compared to 23.07 billion riyals for the fiscal year 2021, a decrease of 28.4 per cent.
The decrease in net profit during this year compared to the previous year is due to the decline in profit margins for most of the primary products, mainly driven by the increase in average feedstock prices and the increase in shipping and distribution costs with a net amount of 1.49 billion riyals.
|Item||Current year||Previous year||Changes%|
|Gross profit (loss)||42.67||47.88||-10.88|
|Operating profit (loss)||23.88||33.6||-28.93|
|Net profit (loss) after zakat and tax||16.53||23.07||-28.35|
|Total comprehensive income||18.23||22.86||-20.25|
|Total shareholders’ equity (after excluding minority interests)||186.05||180.14||3.28|
|Earnings (loss) per share||5.51||7.69|
All figures are in (billion) Saudi riyals