SABIC profit drops 29% to SAR 16.5 bln in 2022; Q4 sinks 94% to SAR 293 mln

28/02/2023 Argaam Exclusive

Saudi Basic Industries Corp. (SABIC) posted a 29% drop in net profit after Zakat and tax to SAR 16.5 billion in 2022, from SAR 23.1 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 174,883.13 183,076.59 4.7 %
Gross Income 47,877.13 41,321.74 (13.7 %)
Operating Income 29,967.41 20,025.27 (33.2 %)
Net Income 23,066.00 16,529.72 (28.3 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 7.69 5.51 (28.3 %)

The petrochemical producer’s profit was hit by lower profit margins for most of the key products on higher feedstock prices along with an increase in selling and distribution costs, partially offset by higher sales volumes.

 

Impairment provisions were recorded for certain financial and capital assets at SAR 1.49 billion, partially offset by SAR 0.59 billion gains from revaluations and sale of certain investments in associates and joint ventures.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 51,235.34 39,535.78 (22.8 %)
Gross Income 13,085.34 5,707.14 (56.4 %)
Operating Income 7,685.34 193.99 (97.5 %)
Net Income 4,973.69 292.70 (94.1 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 1.66 0.10 (94.1 %)

In Q4 2022, net profit after Zakat and tax dived 94% to SAR 293 million, from SAR 4.96 billion in the year-earlier period.

 

The fourth-quarter net profit plunged 84% from SAR 1.83 billion in Q3 2022.

 

Shareholders’ equity, after minority interest, rose to SAR 186.05 billion as of Dec. 31, 2022, from SAR 180.14 billion a year earlier.

View More Financial Results

 

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Share Price

Saudi Basic Industries Corp.
72.00
(0.30) (0.41 %)

Saudi Basic Industries Corp. (SABIC)

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Financial Ratios
Current
Market Cap (M Riyal) 216,000.00
Enterprise Value (EV) (M) 241,369.17
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 55.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.31
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 1.0
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 46,738.92 (3.3 %) 14,015.38 (2.1 %) 11,051.99 (3.7 %)
Q2 2013 44,993.01 (3.3 %) 13,049.15 4.3 % 9,971.24 5.5 %
Q3 2013 48,820.23 9.0 % 14,429.15 12.0 % 11,266.96 14.2 %
Q4 2013 48,433.88 (1.8 %) 13,805.23 1.0 % 10,249.04 0.1 %
Q1 2014 49,220.59 5.3 % 14,112.50 0.7 % 10,853.57 (1.8 %)
Q2 2014 48,171.67 7.1 % 13,432.88 2.9 % 10,068.03 1.0 %
Q3 2014 48,070.62 (1.5 %) 13,740.65 (4.8 %) 10,410.26 (7.6 %)
Q4 2014 43,741.90 (9.7 %) 11,099.25 (19.6 %) 7,404.87 (27.8 %)
Q1 2015 34,563.66 (29.8 %) 9,415.16 (33.3 %) 6,123.56 (43.6 %)
Q2 2015 42,094.99 (12.6 %) 12,721.92 (5.3 %) 9,381.47 (6.8 %)
Q3 2015 37,351.85 (22.3 %) 11,830.42 (13.9 %) 8,576.92 (17.6 %)
Q4 2015 34,156.59 (21.9 %) 9,074.93 (18.2 %) 5,135.92 (30.6 %)
Q1 2016 33,467.91 (3.2 %) 10,107.66 7.4 % 4,665.26 (23.8 %)
Q2 2016 36,258.34 (13.9 %) 12,895.61 1.4 % 7,411.32 (21.0 %)
Q3 2016 35,797.36 (4.2 %) 13,221.21 11.8 % 7,855.53 (8.4 %)
Q4 2016 37,475.21 9.7 % 11,089.73 22.2 % 6,163.93 20.0 %
Q1 2017 36,320.80 8.5 % 13,534.02 33.9 % 8,336.38 78.7 %
Q2 2017 34,438.19 (5.0 %) 10,345.55 (19.8 %) 5,584.92 (24.6 %)
Q3 2017 38,678.75 8.0 % 13,587.03 2.8 % 8,502.77 8.2 %
Q4 2017 40,328.24 7.6 % 12,472.69 12.5 % 6,574.32 6.7 %
Q1 2018 41,861.60 15.3 % 14,531.51 7.4 % 10,325.83 23.9 %
Q2 2018 43,284.60 25.7 % 16,100.12 55.6 % 10,829.83 93.9 %
Q3 2018 43,711.93 13.0 % 15,126.31 11.3 % 9,955.59 17.1 %
Q4 2018 40,270.21 (0.1 %) 12,195.24 (2.2 %) 5,169.11 (21.4 %)
Q1 2019 36,010.40 (14.0 %) 9,406.12 (35.3 %) 4,528.64 (56.1 %)
Q2 2019 34,899.15 (19.4 %) 8,542.92 (46.9 %) 3,617.27 (66.6 %)
Q3 2019 32,809.63 (24.9 %) 7,978.34 (47.3 %) 3,282.45 (67.0 %)
Q4 2019 31,676.83 (21.3 %) 3,477.34 (71.5 %) (1639.25) (131.7 %)
Q1 2020 30,193.15 (16.2 %) 5,420.00 (42.4 %) 445.65 (90.2 %)
Q2 2020 24,619.43 (29.5 %) 3,587.99 (58.0 %) (1291.91) (135.7 %)
Q3 2020 29,295.07 (10.7 %) 6,519.82 (18.3 %) 1,840.41 (43.9 %)
Q4 2020 32,841.64 3.7 % 7,959.13 128.9 % 3,113.82 290.0 %
Q1 2021 37,530.68 24.3 % 11,086.06 104.5 % 6,540.09 1367.5 %
Q2 2021 42,419.19 72.3 % 13,652.60 280.5 % 8,816.78 782.5 %
Q3 2021 43,697.92 49.2 % 12,294.30 88.6 % 6,933.07 276.7 %
Q4 2021 51,235.34 56.0 % 13,085.34 64.4 % 7,685.34 146.8 %
Q1 2022 52,641.59 40.3 % 13,476.89 21.6 % 8,586.28 31.3 %
Q2 2022 55,976.30 32.0 % 15,093.17 10.6 % 9,110.99 3.3 %
Q3 2022 43,316.20 (0.9 %) 8,182.04 (33.4 %) 2,849.93 (58.9 %)
Q4 2022 39,535.78 (22.8 %) 5,707.14 (56.4 %) 193.99 (97.5 %)
2022 183,076.59 4.7 % 41,321.74 (13.7 %) 20,025.27 (33.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 6,563.44 (9.7 %) 2.19 - 6,563.44 2.19
Q2 2013 6,042.14 13.9 % 2.01 - 6,042.14 2.01
Q3 2013 6,465.14 2.4 % 2.16 - 6,465.14 2.16
Q4 2013 6,207.65 5.3 % 2.07 - 6,207.65 2.07
Q1 2014 6,441.74 (1.9 %) 2.15 - 6,441.74 2.15
Q2 2014 6,456.47 6.9 % 2.15 - 6,456.47 2.15
Q3 2014 6,178.79 (4.4 %) 2.06 - 6,178.79 2.06
Q4 2014 4,356.31 (29.8 %) 1.45 - 4,356.31 1.45
Q1 2015 3,934.65 (38.9 %) 1.31 - 3,934.65 1.31
Q2 2015 6,170.75 (4.4 %) 2.06 - 6,170.75 2.06
Q3 2015 5,603.55 (9.3 %) 1.87 - 5,603.55 1.87
Q4 2015 3,075.27 (29.4 %) 1.03 (375.21) 3,450.48 1.15
Q1 2016 2,909.90 (26.0 %) 0.97 - 2,909.90 0.97
Q2 2016 4,958.84 (19.6 %) 1.65 (365.81) 5,324.64 1.77
Q3 2016 5,230.26 (6.7 %) 1.74 - 5,230.26 1.74
Q4 2016 4,514.62 46.8 % 1.50 (339.56) 4,854.17 1.62
Q1 2017 5,234.52 79.9 % 1.74 - 5,234.52 1.74
Q2 2017 3,705.70 (25.3 %) 1.24 (278.00) 3,983.70 1.33
Q3 2017 5,787.55 10.7 % 1.93 - 5,787.55 1.93
Q4 2017 3,704.09 (18.0 %) 1.23 (486.00) 4,188.47 1.40
Q1 2018 5,508.08 5.2 % 1.84 (1380.00) 6,888.08 2.30
Q2 2018 6,695.32 80.7 % 2.23 - 6,695.32 2.23
Q3 2018 6,097.89 5.4 % 2.03 - 6,097.89 2.03
Q4 2018 3,219.39 (13.1 %) 1.07 - 3,219.39 1.07
Q1 2019 3,322.59 (39.7 %) 1.11 - 3,322.59 1.11
Q2 2019 2,029.98 (69.7 %) 0.68 - 2,029.98 0.68
Q3 2019 737.04 (87.9 %) 0.25 (1510.00) 2,247.04 0.75
Q4 2019 (891.49) (127.7 %) (0.30) (1300.00) 408.51 0.14
Q1 2020 (1045.94) (131.5 %) (0.35) (1069.00) 23.06 0.01
Q2 2020 (2223.98) (209.6 %) (0.74) (1180.00) (1043.98) (0.35)
Q3 2020 1,088.53 47.7 % 0.36 683.00 405.53 0.14
Q4 2020 2,248.22 352.2 % 0.75 300.00 1,948.22 0.65
Q1 2021 4,862.37 564.9 % 1.62 - 4,862.37 1.62
Q2 2021 7,643.17 443.7 % 2.55 - 7,643.17 2.55
Q3 2021 5,594.64 414.0 % 1.86 - 5,594.64 1.86
Q4 2021 4,973.69 121.2 % 1.66 (760.00) 5,733.69 1.91
Q1 2022 6,474.95 33.2 % 2.16 (384.00) 6,858.95 2.29
Q2 2022 7,926.15 3.7 % 2.64 - 7,926.15 2.64
Q3 2022 1,835.92 (67.2 %) 0.61 (515.00) 2,350.92 0.78
Q4 2022 292.70 (94.1 %) 0.10 252.96 39.74 0.01
2022 16,529.72 (28.3 %) 5.51 (646.04) 17,175.77 5.73

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 28.33 % 29.12 % 12.84 %
Q2 2013 28.85 % 29.58 % 13.35 %
Q3 2013 29.05 % 29.86 % 13.15 %
Q4 2013 29.26 % 30.07 % 13.38 %
Q1 2014 28.93 % 29.68 % 13.14 %
Q2 2014 28.66 % 29.37 % 13.14 %
Q3 2014 28.41 % 29.14 % 13.04 %
Q4 2014 27.69 % 28.28 % 12.39 %
Q1 2015 27.32 % 27.97 % 11.99 %
Q2 2015 27.88 % 28.53 % 12.25 %
Q3 2015 28.57 % 29.23 % 12.72 %
Q4 2015 29.05 % 30.32 % 12.93 %
Q1 2016 29.74 % 29.60 % 12.33 %
Q2 2016 31.09 % 29.52 % 12.24 %
Q3 2016 32.43 % 29.34 % 12.11 %
Q4 2016 33.09 % 28.53 % 12.81 %
Q1 2017 34.79 % 30.33 % 14.15 %
Q2 2017 33.46 % 29.82 % 13.40 %
Q3 2017 33.05 % 29.93 % 13.52 %
Q4 2017 33.34 % 29.28 % 12.82 %
Q1 2018 32.80 % 29.66 % 13.42 %
Q2 2018 34.54 % 30.95 % 14.35 %
Q3 2018 34.42 % 31.02 % 14.11 %
Q4 2018 34.27 % 30.40 % 13.54 %
Q1 2019 32.35 % 28.15 % 11.84 %
Q2 2019 29.23 % 24.59 % 9.47 %
Q3 2019 26.48 % 21.57 % 7.51 %
Q4 2019 21.72 % 17.97 % 5.91 %
Q1 2020 19.62 % 15.94 % 3.63 %
Q2 2020 17.15 % 14.65 % 1.37 %
Q3 2020 16.41 % 13.61 % (0.18 %)
Q4 2020 20.08 % 15.66 % 1.14 %
Q1 2021 23.46 % 18.83 % 4.97 %
Q2 2021 27.60 % 22.75 % 10.46 %
Q3 2021 28.75 % 23.87 % 12.81 %
Q4 2021 28.66 % 25.18 % 13.63 %
Q1 2022 27.64 % 24.29 % 13.60 %
Q2 2022 26.50 % 22.78 % 12.83 %
Q3 2022 24.53 % 20.82 % 11.26 %
Q4 2022 22.18 % 18.23 % 8.97 %
2022 22.57 % 18.67 % 9.38 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 3,000.00 8.02 8.02 50.66
Q2 2013 3,000.00 8.27 8.27 49.81
Q3 2013 3,000.00 8.32 8.32 49.94
Q4 2013 3,000.00 8.43 8.43 52.09
Q1 2014 3,000.00 8.39 8.39 54.16
Q2 2014 3,000.00 8.52 8.52 53.42
Q3 2014 3,000.00 8.43 8.43 52.72
Q4 2014 3,000.00 7.81 7.81 53.78
Q1 2015 3,000.00 6.98 6.98 54.49
Q2 2015 3,000.00 6.88 6.88 53.81
Q3 2015 3,000.00 6.69 6.69 52.93
Q4 2015 3,000.00 6.26 6.39 53.97
Q1 2016 3,000.00 5.92 6.04 55.32
Q2 2016 3,000.00 5.52 5.76 53.63
Q3 2016 3,000.00 5.39 5.64 53.13
Q4 2016 3,000.00 5.87 6.11 52.51
Q1 2017 3,000.00 6.65 6.88 54.32
Q2 2017 3,000.00 6.23 6.43 52.20
Q3 2017 3,000.00 6.41 6.62 53.93
Q4 2017 3,000.00 6.14 6.40 54.64
Q1 2018 3,000.00 6.24 6.95 57.11
Q2 2018 3,000.00 7.23 7.85 54.44
Q3 2018 3,000.00 7.34 7.96 56.39
Q4 2018 3,000.00 7.17 7.63 57.69
Q1 2019 3,000.00 6.45 6.45 58.35
Q2 2019 3,000.00 4.89 4.89 56.51
Q3 2019 3,000.00 3.10 3.61 55.88
Q4 2019 3,000.00 1.73 2.67 59.57
Q1 2020 3,000.00 0.28 1.57 55.65
Q2 2020 3,000.00 (1.14) 0.54 54.50
Q3 2020 3,000.00 (1.02) (0.07) 55.01
Q4 2020 3,000.00 0.02 0.44 55.88
Q1 2021 3,000.00 1.99 2.06 57.14
Q2 2021 3,000.00 5.28 4.95 56.45
Q3 2021 3,000.00 6.78 6.68 58.00
Q4 2021 3,000.00 7.69 7.94 60.05
Q1 2022 3,000.00 8.23 8.61 62.53
Q2 2022 3,000.00 8.32 8.70 60.22
Q3 2022 3,000.00 7.07 7.62 60.96
Q4 2022 3,000.00 5.51 5.73 62.02

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.96 11.96 1.90
Q2 2013 11.06 11.06 1.84
Q3 2013 11.57 11.57 1.93
Q4 2013 13.23 13.23 2.14
Q1 2014 14.01 14.01 2.17
Q2 2014 13.46 13.46 2.15
Q3 2014 15.57 15.57 2.49
Q4 2014 10.69 10.69 1.55
Q1 2015 11.46 11.46 1.47
Q2 2015 13.82 13.82 1.77
Q3 2015 11.76 11.76 1.49
Q4 2015 12.22 11.98 1.42
Q1 2016 12.64 12.38 1.35
Q2 2016 14.71 14.08 1.51
Q3 2016 14.97 14.32 1.52
Q4 2016 15.58 14.98 1.74
Q1 2017 14.57 14.07 1.78
Q2 2017 16.43 15.90 1.96
Q3 2017 16.03 15.53 1.91
Q4 2017 16.59 15.93 1.87
Q1 2018 18.67 16.75 2.04
Q2 2018 17.45 16.07 2.32
Q3 2018 17.10 15.76 2.22
Q4 2018 16.20 15.22 2.01
Q1 2019 19.39 19.39 2.14
Q2 2019 23.44 23.44 2.03
Q3 2019 29.65 25.51 1.65
Q4 2019 54.19 35.18 1.58
Q1 2020 More than 100 44.60 1.26
Q2 2020 NEG More than 100 1.62
Q3 2020 NEG NEG 1.61
Q4 2020 More than 100 More than 100 1.81
Q1 2021 58.94 57.06 2.05
Q2 2021 23.06 24.59 2.16
Q3 2021 18.78 19.06 2.20
Q4 2021 15.08 14.60 1.93
Q1 2022 15.92 15.21 2.10
Q2 2022 12.21 11.67 1.69
Q3 2022 12.56 11.65 1.46
Q4 2022 16.23 15.62 1.44

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
Q1 2013 53,485.63 2,102.58 3,993.24 2,395.35 (15237.88)
Q2 2013 51,386.20 1,614.73 3,837.76 2,646.29 (14491.96)
Q3 2013 58,011.68 1,745.25 3,197.53 2,815.69 (16949.92)
Q4 2013 57,409.57 1,822.33 3,249.14 3,436.61 (17483.77)
Q1 2014 56,362.00 1,809.27 3,729.90 3,382.36 (16062.94)
Q2 2014 55,657.69 1,653.50 3,763.80 2,988.81 (15892.13)
Q3 2014 55,728.15 2,001.26 2,891.70 3,109.06 (15659.54)
Q4 2014 49,169.09 1,783.59 3,121.59 2,605.94 (13154.46)
Q1 2015 38,571.99 1,536.62 3,071.69 2,034.46 (10651.10)
Q2 2015 48,753.89 1,498.62 3,168.16 2,381.16 (12706.56)
Q3 2015 44,576.63 1,516.72 2,276.49 2,207.92 (13225.90)
Q4 2015 38,815.62 1,413.55 2,152.13 1,985.75 (11292.09)
Q1 2016 36,009.96 1,151.04 2,407.64 16,590.12 (22690.85)
Q2 2016 40,144.35 1,196.11 2,612.40 18,495.91 (26190.44)
Q3 2016 41,183.30 1,136.61 1,549.86 18,131.31 (26203.71)
Q4 2016 43,213.13 1,217.55 2,439.43 21,307.70 (30702.59)
Q1 2017 43,365.86 1,342.01 2,062.61 21,132.68 (31582.36)
Q2 2017 40,597.88 1,207.35 1,874.58 19,335.71 (28577.34)
Q3 2017 48,770.97 1,150.65 2,376.33 22,248.45 (35867.65)
Q1 2018 36,868.48 1,724.61 3,268.50 - -
Q2 2018 38,307.47 2,118.96 2,858.17 - -
Q3 2018 39,050.58 2,135.48 2,525.87 - -
Q4 2018 36,195.52 1,959.00 2,115.69 - -
Q1 2019 30,944.66 1,810.55 3,255.19 - -
Q2 2019 30,536.22 1,801.59 2,561.34 - -
Q3 2019 28,825.18 1,679.27 2,305.18 - -
Q4 2019 27,181.32 1,826.98 2,668.54 - -
Q1 2020 25,957.94 1,470.01 2,765.19 - -
Q2 2020 20,917.56 1,870.70 1,831.17 - -
Q3 2020 25,154.78 1,742.85 2,397.45 - -
Q4 2020 28,607.57 1,706.63 2,527.44 - -
Q1 2021 32,709.68 1,840.00 2,981.00 - -
Q2 2021 36,430.48 2,478.05 3,510.67 - -
Q3 2021 37,856.20 2,742.03 3,099.69 - -
Q4 2021 42,883.42 5,132.80 3,219.12 - -
Q1 2022 44,281.86 4,044.45 4,315.28 - -
Q2 2022 46,210.88 5,687.48 4,077.93 - -
Q3 2022 39,051.82 4,264.32 - - -
Q4 2022 35,301.43 4,234.35 - - -

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 1,828.71 292.70 (84.0 %)

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
Goldman Sachs 1,140.00 292.70 (74.3) %
U-Capital 1,424.40 292.70 (79.5) %
Bank of America 1,500.00 292.70 (80.5) %
Riyad Capital 1,501.00 292.70 (80.5) %
Al Rajhi Capital 1,730.00 292.70 (83.1) %
JP Morgan 1,836.00 292.70 (84.1) %
Hermes 2,033.00 292.70 (85.6) %
OSOOL AND BAKHEET 2,200.00 292.70 (86.7) %
SNB Capital 2,389.00 292.70 (87.7) %
AlJazira Capital 2,533.70 292.70 (88.4) %

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