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Saudi Basic Industries Corp. announces its Annual Financial Results for the Period Ending on 2020-12-31

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 116.95135.4-13.626
Gross Profit (Loss) 22.8729.4-22.21
Operational Profit (Loss) 4.5711.52-60.329
Net Profit (Loss) after Zakat and Tax 0.075.2-98.653
Total Comprehensive Income -0.0023.28-
Total Share Holders Equity (after Deducting Minority Equity) 167.63178.72-6.205
Profit (Loss) per Share 0.021.73
All figures are in (Billions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The decrease in net income is mainly attributable to the lower average selling prices in most products in addition to recording impairment provisions in certain capital and financial assets, net of SR 1.3 billion, SABIC share amounted to SR 1.3 billion. Note that during the same period of 2019, impairment provisions were recorded for certain financial and capital assets in the amount of SR 4.3 billion , SABIC share amounted to SR 2.8 billion.
Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Reference to what has been disclosed in our previous announcements for the results of the second quarter and third quarter of 2020 on 16-12-1441 corresponding to 06-08-2020 and 08-03-1442 corresponding to 25-10-2020 with respect to the alignment of the accounting policies and critical accounting judgments as a result of Saudi Aramco acquisition of 70% of SABIC shares which are related to reassessment of SABIC's control over certain investments in ventures and applying a different policy choice to account for the derivatives on equity instruments for its forward contracts related to certain subsidiaries in accordance with IFRS 9 “Financial Instruments” which resulted in a retrospective adjustments.

The significant financial impacts have been disclosed in the above-mentioned announcements for all comparative periods , which are non-cash in nature. We would like to draw your attention that the comparative figures for the period ending 31-12-2019 have been restated. As a result, SABIC's net income for the year 2019 has been restated and reduced by SR 365 million.

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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