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Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 52.6437.5340.26151.242.732
Gross Profit (Loss) 14.711.0932.55114.054.626
Operational Profit (Loss) 9.326.9833.5248.59.647
Net Profit (Loss) after Zakat and Tax 6.474.8633.1274.9730.181
Total Comprehensive Income 7.444.7755.9745.7828.719
All figures are in (Billions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 187.58171.439.42
Profit (Loss) per Share 2.161.62
All figures are in (Billions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The increase in net income is mainly attributable to the higher average selling prices and higher sales volume despite the increase in selling and distribution expenses and impairment provisions in certain financial assets in the amount of SAR 0.38 billion, SABIC share amounted to SAR 0.38 billion.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The increase in net income is mainly attributable to lower operating costs as well as lower impairment and restructuring provisions of SAR 0.54 billion, SABIC share is SAR 0.38 billion. Also, lower financial charges of SAR 0.72 billion were recorded versus last quarter mainly due to the re-measurement of derivatives equity instruments for forward contracts related to certain joint venture agreements effect in previous quarter which was non-cash in nature.
Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain prior period figures have been re-classified to conform with the presentation in the current period.
Additional Information Attached 1Q 2022 earnings release and presentation.
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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