Saudi Basic Industries Corp. — Earnings Release 2024

Feb 26, 2025

Saudi Basic Industries Corp. announces its Annual Financial results for the period ending on 2024-12-31

2010 · 26/02/2025 09:15:32 · Announcement #85454 · View on Saudi Exchange

Saudi Basic Industries Corp. announces its Annual Financial results for the period ending on 2024-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	139.98	141.54	-1.1
Gross Profit (Loss)	25.62	22.07	16.09
Operational Profit (Loss)	5.74	3.72	54.3
Net profit (Loss)	1.54	-2.77	-
Total Comprehensive Income	-0.4	-2.42	-83.47
Total Shareholders Equity (after Deducting Minority Equity)	156.83	167.43	-6.33
Profit (Loss) per Share	0.51	-0.92
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 company revenue decreased by 1% from the previous year, with revenue amounting to SAR 139.98 billion, this decline is primarily attributed to a reduction in sales volume, partially offset by an increase in average selling prices.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	• Net profit for 2024 reached SAR 1.54 billion compared to net loss of SAR 2.77 billion in the previous year, which was primarily attributed to the following factors:

• Lower losses from discontinued operations of SAR 3.52 billion due to effects from the fair value assessment of Saudi Iron and Steel Company (Hadeed) and its operational losses.

• Higher income from operations by SAR 2.02 billion primarily driven by higher gross profit, partially offset by higher operating costs.

• Lower Zakat expenses by SAR 1.06 billion as a result of the reversal of Zakat provisions in 2024, resulted from the updates of the related regulations.

• The aforementioned items were offset with lower finance income by SAR 1.74 billion mainly due to lower gains from fair valuation of derivative equity instruments. 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 results are being disclosed separately as results from discontinued operations in the consolidated financial statements, in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. Additional Information - For the year 2024, the earnings before interest, tax and zakat, depreciation and amortization (EBITDA) amounted to SAR 19.47 billion, compared to SAR 19.02 billion in the previous year, translating to an EBITDA margin of 13.9% compared to 13.4% in 2023.

- Attached 2024 earnings release and presentation Attached Documents     

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