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Sadara Basic Services Company announces the Annual Financial Results of its parent Company, Sadara Chemical Company for the year ended on 31-12-2024
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 11,585,820 | 10,708,373 | 8.19 | ||
| Gross Profit (Loss) | -1,035,203 | -1,234,875 | -16.17 | ||
| Operational Profit (Loss) | -1,509,509 | -1,823,748 | -17.23 | ||
| Net profit (Loss) | -4,012,677 | -3,544,603 | 13.21 | ||
| Total Comprehensive Income | -3,943,362 | -3,751,520 | 5.11 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | -2,062,411 | 2,023,005 | - | ||
| Profit (Loss) per Share | -1.17 | -1.03 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -38,418,722 | 108 | |
| All figures are in (Thousands) 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 increase in sales/revenues in 2024 compared to 2023 is mainly attributable to sales volume being impacted by a major Hydrocarbon Turnaround during 2023. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | 2024 EBITDA was better than previous year due to higher sales volume but offset with lower prices. The net loss for 2024 increased compared to 2023, primarily due to an accounting adjustment related to debt modification in Q3 2023, which had a favorable impact on the previous year’s financials. |
| 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 figures relating to the year ending December 31, 2023, have been reclassified for better presentation and comparability with the current period’s figures. The reclassifications did not have any impact on the opening balances of comparative information, accumulated losses nor total comprehensive loss. |
| 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. The Group has a net loss of Saudi Riyal 4.01 billion for the year ended 31 December 2024 (2023: net loss of Saudi Riyal ‎‎3.5 billion) and the Company’s accumulated losses exceeded its share capital as at that date. The ‎Group management, based on the Company’s approved business plan, believes that the Group will ‎have available sufficient funds to meet its obligations as they become due within the 12-month period from the date of ‎approval of these consolidated financial statements.
The business plan includes continued Shareholders’ support and existing Shareholders’ revolving credit facilities.
Accordingly, the consolidated financial ‎statements have been prepared on a going concern basis, and the Company has complied with all legal requirements arising from the Company’s losses exceeding 50% of its share capital including convening the general assembly meeting on 27 February 2025 and resolving to continue the Company with the taking of necessary measures to remedy such losses as agreed between the shareholders. |
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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