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Sadara Basic Services Company announces the Annual Financial Results of its parent company, Sadara Chemical company for the period ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 14,473,286 | 17,617,404 | -17.85 | ||
| Gross Profit (Loss) | 1,025,613 | 5,146,799 | -80.07 | ||
| Operational Profit (Loss) | 485,135 | 4,428,020 | -89.04 | ||
| Net Profit (Loss) after Zakat and Tax | -1,858,791 | 3,105,582 | - | ||
| Total Comprehensive Income | -285,522 | 3,922,009 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 5,916,035 | 6,342,418 | -6.72 | ||
| Profit (Loss) per Share | -0.56 | 0.81 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in net profit in the current year compared to last year is mainly attributable to lower product pricing and higher feedstock cost despite higher sales volume, resulting in compressed margins. Additionally, due to the debt reprofiling which occurred last year, there was a favorable impact resulted in recognizing a gain of SAR 1.05 billion, in comparison of the current year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | NA |
| Reclassification of Comparison Items | NA |
| Additional Information | There are no significant financial details for the listed company, Sadara Basic Services Company, which was established primarily for the purpose of issuing the Sukuk. Sadara Basic Services Company will not incur any liabilities or undertake any significant transactions other than those relating to Sukuk issuance. Therefore, this announcement reflects the financial results of the parent company, Sadara Chemical Company. In light of the Company’s accumulated losses which continue to exceed 50% of its registered capital, the Company convened a General Assembly meeting and passed a resolution to continue the company in accordance with the requirements of the Companies Law and the Ministry of Commerce. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 100.0
Net Change 0.0 (0.0%)
Value Traded (Sar) 0
Volume Traded 0
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