Saudi: SABIC achieves $4.4bln profits in 2022

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Revenues increased by 13.49% year-on-year (YoY)

Staff Writer, Mubasher

February 28, 2023

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The net profits after Zakat and tax of Saudi Basic Industries Corporation (SABIC) hit SAR 16.53 billion in 2022, an annual drop of 28.35% from SAR 23.07 billion.

Revenues increased by 13.49% year-on-year (YoY) to SAR 198.47 billion in 2022 from SAR 174.88 billion, according to the annual income statements.

On the other hand, the earnings per share (EPS) plummeted to SAR 5.51 as of 31 December 2022, from SAR 7.69 a year earlier.

In the first nine months (9M) of 2022, the Saudi firm registered SAR 16.24 billion in net profit after Zakat and tax, lower by 10.28% YoY than SAR 18.10 billion.

Meanwhile, SABIC will pay out SAR 6 billion as cash dividends for the second half (H2) of 2022 on 2 April this year.

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