Saudi Basic Industries Corp. — Interim / Quarterly Report 2022

May 12, 2022

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

2010 · 12/05/2022 08:37:34 · Announcement #68122 · View on Saudi Exchange

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

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	52.64	37.53	40.261	51.24	2.732
Gross Profit (Loss)	14.7	11.09	32.551	14.05	4.626
Operational Profit (Loss)	9.32	6.98	33.524	8.5	9.647
Net Profit (Loss) after Zakat and Tax	6.47	4.86	33.127	4.97	30.181
Total Comprehensive Income	7.44	4.77	55.974	5.78	28.719
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	187.58	171.43	9.42
Profit (Loss) per Share	2.16	1.62
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Explanation
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

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