Saudi Basic Industries Corp. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 34.59 | 32.69 | 5.812 | 34.7 | -0.317 |
| Gross Profit (Loss) | 4.81 | 5.86 | -17.918 | 5.57 | -13.644 |
| Operational Profit (Loss) | -0.77 | 1.21 | - | -0.05 | 1,439.999 |
| Net profit (Loss) | -1.21 | 0.25 | - | -1.89 | -35.978 |
| Total Comprehensive Income | -0.25 | -0.47 | -46.808 | -3.55 | -92.957 |
| All figures are in (Billions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 156.11 | 166.48 | -6.228 |
| Profit (Loss) per Share | -0.4 | 0.08 | |
| 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 quarter compared to the same quarter of the last year is | The company’s revenue increased by 6% year-over-year to SAR 34.59 billion. The increase is primarily attributed to the increase in the sales volume partially offset by lower average selling prices. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | In Q1 2025 the company recorded a net loss of SAR 1.21 billion, compared to a net profit of SAR 0.25 billion in Q1 2024, which was primarily attributed to:
• Lower gross profit by SAR 1.05 billion, driven by higher feedstock prices. • Increase in other operating expenses mainly due to non-recurring cost amounting to SAR 1.07 billion related to a strategic restructuring initiative that will impact the company’s future financial results positively through cost reduction (approximately SAR 345 million of savings annually) and performance efficiency enhancement. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The company’s revenues remained almost at the same level quarter over quarter despite the market challenges with revenues amounting to SAR 34.59 billion compared to SAR 34.70 billion recorded in Q4 2024. Sales volume and average selling prices were relatively stable quarter over quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net loss for Q1 2025 is SAR 1.21 billion, compared to a net loss of SAR 1.89 billion for Q4 2024, which was primarily attributed to the following factors:
• Higher share of results from associates and non-integral JVs by SAR 1.06 billion • Lower SG&A by SAR 694 million. • Higher finance income by SAR 483 million resulted from fair valuation of derivative equity instruments.
The aforementioned items were offset with lower gross profit of SAR 758 million and an increase in other operating expenses mainly due to non-recurring cost amounting to SAR 1.07 billion related to a strategic restructuring initiative that will impact the company’s future financial results positively through cost reduction (approximately SAR 345 million of savings annually) and performance efficiency enhancement. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | Not Applicable |
| Reclassification of Comparison Items | Certain prior period figures have been re-classified to conform with the current period presentation. |
| Additional Information | SABIC would like to mention the followings:
• The Group has restated its opening balances of “investments in associates and joint ventures” and “equity attributable to equity holders of the Parent” as of January 1, 2024, which resulted in a reduction of both by SAR 475 million. The restatement was a reflection of the restated 2024 financial statements of Power and Water Utilities Company for Jubail and Yanbu (“Marafiq”), an associate of SABIC with a shareholding of 17.5%.
This restatement was recognized by the Group in the consolidated interim statement of financial position and statement of changes in equity and did not impact the consolidated statement of income for the reporting periods in 2024 and 2025.
• In Q1 2025 the Group’s EBITDA excluding the impact of special items such as restructuring cost, amounted to SAR 3.7 billion. This represents a 7% increase compared to SAR 3.5 billion in Q4 2024. The EBITDA margin before special items reached 11% in Q1 2025 compared to 10% achieved in Q4 2024. While the Group incurred material non-recurring costs in Q1 2025 of SAR 1.24 billion, primarily attributable to strategic restructuring initiatives. No similar material non-recurring items were identified for Q4 2024.
• Attached Q1 2025 earnings release and presentation. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no
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