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    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION

(2010)
  Report
End-of-day quote Saudi Arabian Stock Exchange  -  2022-09-27
87.60 SAR   +0.69%
09/12SAUDI BASIC INDUSTRIES CORPORATION : Ex-dividend day for interim dividend
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09/01BASF, Linde, SABIC Begin Constructing Demonstration Plant for New Furnace Technology in Germany
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08/23SK Geocentric, Saudi Basic JV to Invest $149.3 Million in Ulsan Copolymer Plant
MT
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Saudi's SABIC posts near 4% rise in Q2 net profit

08/09/2022 | 05:55am EDT

DUBAI, Aug 9 (Reuters) - Saudi Basic Industries Corp (SABIC) said on Tuesday that it expects margins to be under pressure in the second half of 2022, due to a slowdown in global growth, lockdowns in China, conflict in Europe and continued supply chain challenges.

The guidance from the world's fourth-biggest petrochemicals firm by sales and asset value came as it reported an almost 4% rise in second-quarter net profit.

SABIC achieved a net profit of 7.93 billion riyals ($2.11 billion) for the three months to June 30, up from 7.64 billion a year earlier, the company said in a bourse statement.

That beat the 6.16 billion riyals mean forecast of seven analysts, Refinitv data showed.

It attributed the increase in profit to higher average selling prices despite an increase in feedstock costs and higher selling and distribution expenses.

Sales rose 32% to 55.98 billion riyals, exceeding an analysts' forecast of 53.78 billion.

Average selling prices rose 22% and were up 3% from the first quarter, SABIC said in its earnings presentation. Sales volumes increased 10% year on year and 3% quarter on quarter.

The company said profits were also buoyed by an increase in its share of results of associates and joint ventures.

SABIC said it expects earnings before interest, tax, depreciation and amortisation (EBITDA) to be flat this year with higher sales volumes offsetting high feedstock prices.

Oil giant Saudi Aramco owns 70% of SABIC.

($1 = 3.7580 riyals) (Reporting by Hadeel Al Sayegh, additional reporting by Alexander Cornwell; editing by Shailesh Kuber and Jason Neely)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.10% 88.81 Delayed Quote.7.68%
SAUDI ARABIAN OIL COMPANY 1.31% 34.9 End-of-day quote.7.23%
SAUDI BASIC INDUSTRIES CORPORATION 0.69% 87.6 End-of-day quote.-24.48%
WTI 0.06% 81.763 Delayed Quote.4.16%
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Analyst Recommendations on SAUDI BASIC INDUSTRIES CORPORATION
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Financials
Sales 2022 207 B 54 848 M 54 848 M
Net income 2022 24 282 M 6 447 M 6 447 M
Net cash 2022 19 180 M 5 092 M 5 092 M
P/E ratio 2022 10,8x
Yield 2022 5,17%
Capitalization 263 B 69 775 M 69 775 M
EV / Sales 2022 1,18x
EV / Sales 2023 1,24x
Nbr of Employees 35 000
Free-Float 30,0%
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Technical analysis trends SAUDI BASIC INDUSTRIES CORPORATION
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 87,60 SAR
Average target price 116,53 SAR
Spread / Average Target 33,0%
EPS Revisions
Managers and Directors
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Timothy D. Leveille Executive Vice President-Corporate Finance
Khalid Hashim Al-Dabbagh Chairman
Bob Maughon Executive Vice President-Technology & Innovation
Khaled Hamza Nahas Independent Director
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