SABIC posts SAR 2.8B loss in 2023; Q4 at SAR 1.7B

27/02/2024 Argaam Exclusive

Saudi Basic Industries Corp. (SABIC) swung to a net loss of SAR 2.8 billion in 2023, against a net profit of SAR 16.5 billion a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 183,076.59 141,537.19 (22.7 %)
Gross Income 41,321.74 23,720.08 (42.6 %)
Operating Income 20,025.27 4,955.09 (75.3 %)
Net Income 16,529.72 (2772.28) (116.8 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 5.51 (0.92) (116.8 %)

The losses were primarily attributed to a decline in revenue, due to a decrease in average selling prices and sales volumes, amid the slow global demand for petrochemicals in 2023. In addition, global supply capacities increased.

 

SABIC recorded SAR 4.08 billion net losses from discontinued operations after incurring non-cash losses of SAR 2.93 billion from Hadeed’s investment reassessment and its performance in 2023.

 

The company’s profit from continuing core operations amounted to SAR 1.31 billion compared to SAR 15.79 billion in 2022 mainly due to a decline in profit margins for major products, as well as earnings of joint ventures and associated companies with non-recurring items of SAR 3.47 billion, in which SABIC’s share was SAR 3.29 billion. This came as a result of impairment charges and write-offs of certain capital and financial assets as well as provisions for the restructuring program in Europe and constructive obligations.

 

On the other hand, selling and distribution expenses, Zakat charges and the income tax decreased. The company reported an increase in finance income, mainly due to revaluation gains connected with embedded derivatives in joint venture contracts.

 

In Q4 2023, the major petrochemical producer turned to a net loss of SAR 1.7 billion from net earnings of SAR 302.7 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 39,535.78 35,032.14 (11.4 %)
Gross Income 5,707.14 5,968.57 4.6 %
Operating Income 193.99 726.62 274.6 %
Net Income 292.70 (1731.25) (691.5 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.10 (0.58) (691.5 %)

Total shareholders’ equity, after minority interest, dropped to SAR 167.43 billion as of Dec. 31, 2023, from SAR 186.05 billion a year earlier.

 

Attached Documents:

 

 

 

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Share Price

Saudi Basic Industries Corp.
69.90
0.20 0.29 %

Saudi Basic Industries Corp. (SABIC)

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Financial Ratios
Current
Market Cap (M Riyal) 209,700.00
Enterprise Value (EV) (M) 237,718.89
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 1.27
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 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 %)
Q1 2023 36,432.36 (30.8 %) 5,845.25 (56.6 %) 1,196.84 (86.1 %)
Q2 2023 34,097.38 (39.1 %) 5,437.06 (64.0 %) 993.24 (89.1 %)
Q3 2023 35,975.30 (16.9 %) 6,658.29 (18.6 %) 2,038.39 (28.5 %)
Q4 2023 35,032.14 (11.4 %) 5,968.57 4.6 % 726.62 274.6 %
2023 141,537.19 (22.7 %) 23,720.08 (42.6 %) 4,955.09 (75.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2023 656.91 (89.9 %) 0.22 - 656.91 0.22
Q2 2023 1,178.42 (85.1 %) 0.39 - 1,178.42 0.39
Q3 2023 (2876.36) (256.7 %) (0.96) (3186.04) 309.68 0.10
Q4 2023 (1731.25) (691.5 %) (0.58) (1906.87) 175.62 0.06
2023 (2772.28) (116.8 %) (0.92) (5092.92) 2,320.63 0.77

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 19.87 % 15.72 % 6.26 %
Q2 2023 16.41 % 12.81 % 2.76 %
Q3 2023 16.19 % 13.38 % 1.50 %
Q4 2023 16.89 % 13.54 % 1.64 %
2023 16.76 % 13.54 % 1.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 3,000.00 3.57 3.66 62.33
Q2 2023 3,000.00 1.32 1.41 58.93
Q3 2023 3,000.00 (0.25) 0.73 57.97
Q4 2023 3,000.00 (0.92) 0.77 55.81

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 25.29 24.69 1.45
Q2 2023 66.75 62.61 1.50
Q3 2023 NEG More than 100 1.42
Q4 2023 NEG More than 100 1.50

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
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 - - -
Q1 2023 34,007.34 2,425.03 - - -
Q2 2023 31,602.85 2,494.53 - - -
Q3 2023 33,505.36 2,469.95 - - -
Q4 2023 32,142.29 2,889.85 - - -

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 488.61 (1731.25) (454.3 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
OSOOL AND BAKHEET (650.48) (1731.25) (166.1) %
U-Capital 1,153.80 (1731.25) (250.0) %
ALEMBIC 1,080.00 (1731.25) (260.3) %
AlJazira Capital 814.00 (1731.25) (312.7) %
Arqaam Capital 780.00 (1731.25) (322.0) %
Al Rajhi Capital 704.00 (1731.25) (345.9) %
Riyad Capital 665.00 (1731.25) (360.3) %
Value Capital 654.40 (1731.25) (364.6) %
Hermes 493.00 (1731.25) (451.2) %
JP Morgan 406.00 (1731.25) (526.4) %
SNB Capital 310.00 (1731.25) (658.5) %
Goldman Sachs (30.00) (1731.25) (5670.8) %
Bank of America (27.80) (1731.25) (6127.5) %

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