Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) announced a 62.12% year-on-year (YoY) drop in net profit to SAR 250 million during the first quarter (Q1) of 2024 from SAR 660 million.
The earnings per share (EPS) decreased to SAR 0.08 in Q1-24 from SAR 0.22 in Q1-23, according to the financial results.
SABIC attributed the annual decline in net profit to lower revenues by 10.26% to SAR 32.69 billion during January-March 2024 compared with SAR 36.43 billion in the same period last year.
On a quarterly basis, the listed company turned profitable in Q1-24 against net losses worth SAR 1.73 billion in Q4-23, while the revenues were 6.67% lower than SAR 35.03 billion.
In 2023, SABIC shifted to net losses worth SAR 2.77 billion versus profits of SAR 16.53 billion in 2022, while the revenues shrank YoY to SAR 141.54 billion.
