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Saudi Basic Industries Corp. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 141.54 | 183.08 | -22.69 | ||
| Gross Profit (Loss) | 22.07 | 41.32 | -46.59 | ||
| Operational Profit (Loss) | 3.72 | 22.91 | -83.76 | ||
| Net profit (Loss) | -2.77 | 16.53 | - | ||
| Total Comprehensive Income | -2.42 | 18.23 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 167.43 | 186.05 | -10.01 | ||
| Profit (Loss) per Share | -0.92 | 5.51 | |||
| All figures are in (Billions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Billions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the decrease in revenues is mainly attributed to the decrease in average selling prices and quantities sold, which was impacted by the slow global demand for petrochemicals during the reporting period in addition to the increase in global supply capacities. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The company incurred a net loss of SAR 2.77 billion versus a net profit of SAR 16.53 billion in the previous year due to net losses attributed to discontinued operations amounted to SAR 4.08 billion driven mainly from the fair valuation of the Hadeed business amounting to SAR 2.93 billion as well as Hadeed’s financial performance during the current year. Note that the divestment of Hadeed is considered part of the company’s ongoing efforts to focus on its strategic business portfolio. The transaction will also result in a positive impact in providing cash liquidity which will be used to reinforce SABIC’s growth in the Petrochemicals industry. In return, the Company achieved a net profit from continuing operations amounted to SAR 1.31 billion compared to SAR 15.79 billion in the previous year mainly due to the following effects: o Decline in profit margins for major products o A decrease of earnings of joint ventures and associated companies o Non-recurring items amounted to SAR 3.47 billion (SABIC share was SAR 3.29 billion) as a result of impairment charges and write-offs of certain capital and financial assets as well as provisions for the restructuring program in Europe and constructive obligations. This was partially offset by a decrease in the selling and distribution expenses, one-time gains from Zakat and income tax as well as an increase in finance income, mainly due to revaluation gains connected with embedded derivatives in joint venture contracts. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Certain prior period figures have been re-classified to conform with the current period presentation. Hadeed’s earnings are being disclosed separately as results from discontinued operations in the annual consolidated financial statements, in compliance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. |
| Additional Information | Earnings before financial expenses, zakat, taxes, depreciation and amortization (EBITDA) for the year 2023 amounted to SAR 19.02 billion, compared to SAR 36.40 billion in the previous year, a decrease of 48%, translating to an EBITDA margin of 13% in 2023 compared to 20% in the previous year. The free cash flow in 2023 amounted to SAR 13.96 billion, supported by a working capital reduction of SAR 5.93 billion. The company continues to be committed to providing an attractive dividend to its shareholders despite the current economic conditions, while maintaining a strong financial position. |
| Attached Documents |  |
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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