SABIC’s quarterly profit rose 33% to $1.72 billion

<div id="firstBodyDiv" data-bind-html-content-type="article" data-bind-html-compile="article.body" data-first-article-body="

According to a company statement on its website, "trade" In Saudi Arabia, the quarterly net profit rose by 33% to about $1.72 billion, after zakat and tax, compared to $950 million a year ago.

Total quarterly revenue increased by 40% to about $14 billion.

The results outperformed caster On average analyst expectations of about $1.4 billion in net profit and $13.34 billion in quarterly revenue, according to "Archyde.com Refinitiv".

The company attributed the increase in quarterly profits to "The increase in the average selling prices of products and an increase in the sold quantities despite the increase in selling and distribution expenses and the recording of provisions for a decrease in some financial assets of 101 million dollars, of which SABIC’s share amounted to 101 million dollars".

For his part, the CEO of SABIC Saudi Arabia expected that the second half of 2022 would witness pressures due to slow growth and inflation, pointing out that there are no plans for roads debt markets.

It is reported that the giant state oil company "Aramco" Saudi Arabia had bought a 70% stake in SABIC through the Saudi sovereign wealth fund, the Public Investment Fund, in June 2020.

“>

According to a statement by the company on its website,tradeIn Saudi Arabia, the quarterly net profit rose by 33% to about $1.72 billion, after zakat and tax, compared to $950 million a year ago.

Total quarterly revenue increased by 40% to about $14 billion.

The results outperformed caster Analysts averaged about $1.4 billion in net profit and $13.34 billion in quarterly revenue, according to Archyde.com Refinitiv.

The company attributed the increase in quarterly profits to “the increase in the average selling prices of products and an increase in the quantities sold despite the increase in selling and distribution expenses and the recording of provisions for a decrease in some financial assets of 101 million dollars, of which SABIC’s share amounted to 101 million dollars.”

For his part, the CEO of SABIC Saudi Arabia expected that the second half of 2022 would witness pressures due to slow growth and inflation, pointing out that there are no plans for roads debt markets.

It is reported that the giant state oil company “AramcoSaudi Arabia had bought a 70% stake in SABIC through the Saudi sovereign wealth fund, the Public Investment Fund, in June 2020.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.