The company attributed the reason for the decline in net profit in the current quarter compared to the same quarter a year earlier to a decline in average product selling prices and quantities sold, in addition to a decline results of associated companies. and joint ventures.
SABIC said in a statement posted on the Saudi stock exchange’s website, Tadawul, that it had sales in the first quarter of 2023 of around 40 billion riyals ($10.6 billion), down from 52.6 billion. riyals it had recorded in the first quarter of 2022, which represents a decrease of around 25%.
SABIC, which was founded in 1976, is one of the largest international companies in the field of petrochemical industries, and it is a public joint-stock company headquartered in Riyadh. Saudi Aramco currently owns 70% of its shares, and the remaining 30%. percent is traded on the Saudi stock market, according to its website.
In 2022, SABIC earned net profits of 16.53 billion riyals (approximately $4.4 billion), compared to 23.07 billion riyals ($6.15 billion) in 2021. Total sales also increased by 13.5% to reach 198.5 billion riyals (about 198.5 billion dollars). $52.9 billion), compared to revenues of 175 billion riyals in 2021.
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