{"id":77306,"date":"2023-05-09T04:53:44","date_gmt":"2023-05-09T04:53:44","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/"},"modified":"2023-05-09T04:53:44","modified_gmt":"2023-05-09T04:53:44","slug":"sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/","title":{"rendered":"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> A bad 1Q for SABIC: <\/strong>The Saudi Basic Industries Corp (SABIC) reported a 90% y-o-y fall in net income in 1Q 2023 to SAR 660 mn on the back of pressure on global prices, according to its <a href=\"https:\/\/www.saudiexchange.sa\/Resources\/fsPdf\/7579_381_2023-05-04_08-07-54_en.pdf\">earnings release (pdf)<\/a>.<\/p>\n<p><strong>Topline takes a hit: <\/strong>Sabic\u2019s revenues plunged 25% y-o-y during the first quarter of the year to SAR 39.7 bn, according to the release. Average sales prices were down by 22% y-o-y in 1Q, while volumes decreased by 3% y-o-y in the same period.<\/p>\n<p><strong>What they said:<\/strong> \u201cWe are closely monitoring the changes and the recovery of the global market demand. New capacities in 1Q 2023 are adding more pressure on global prices, while there is limited relief on variable cost. We continue to keep our operating costs under control and maintain our strong balance sheet. Despite current market uncertainties, our determination to deliver on growth, innovation and sustainability remains intact,\u201d SABIC CEO Abdulrahman Al Fageeh said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A bad 1Q for SABIC: The Saudi Basic Industries Corp (SABIC) reported a 90% y-o-y fall in net income in 1Q 2023 to SAR 660 mn on the back of pressure on global prices, according to its earnings release (pdf). Topline takes a hit: Sabic\u2019s revenues plunged 25% y-o-y during the first quarter of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77307,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[105,11,339,1646],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseclimate","tag-sabic","tag-saudi-basic-industries-corp","wpautop","entry"],"acf":{"mongo_id":"e80064c2-2a38-42d1-8e12-bbe74b65686d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/calculator-old-1600px.jpg","photo_position":"above","related_issue":[77295],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze\" \/>\n<meta property=\"og:description\" content=\"A bad 1Q for SABIC: The Saudi Basic Industries Corp (SABIC) reported a 90% y-o-y fall in net income in 1Q 2023 to SAR 660 mn on the back of pressure on global prices, according to its earnings release (pdf). Topline takes a hit: Sabic\u2019s revenues plunged 25% y-o-y during the first quarter of the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-09T04:53:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze\",\"datePublished\":\"2023-05-09T04:53:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/\"},\"wordCount\":162,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EARNINGS WATCH\",\"EnterpriseClimate\",\"Sabic\",\"Saudi Basic Industries Corp\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/\",\"name\":\"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze - Climate\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2023-05-09T04:53:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/climate\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#website\",\"url\":\"https:\/\/enterpriseam.com\/climate\/\",\"name\":\"Climate\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/climate\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\",\"name\":\"Climate\",\"url\":\"https:\/\/enterpriseam.com\/climate\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/25470.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/25470.svg\",\"caption\":\"Climate\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/climate\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze - Climate","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/","og_locale":"en_US","og_type":"article","og_title":"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze","og_description":"A bad 1Q for SABIC: The Saudi Basic Industries Corp (SABIC) reported a 90% y-o-y fall in net income in 1Q 2023 to SAR 660 mn on the back of pressure on global prices, according to its earnings release (pdf). Topline takes a hit: Sabic\u2019s revenues plunged 25% y-o-y during the first quarter of the [&hellip;]","og_url":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/","og_site_name":"Climate","article_published_time":"2023-05-09T04:53:44+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze","datePublished":"2023-05-09T04:53:44+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/"},"wordCount":162,"publisher":{"@id":"https:\/\/enterpriseam.com\/climate\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1","keywords":["EARNINGS WATCH","EnterpriseClimate","Sabic","Saudi Basic Industries Corp"],"articleSection":["EARNINGS WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/","url":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/","name":"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze - Climate","isPartOf":{"@id":"https:\/\/enterpriseam.com\/climate\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1","datePublished":"2023-05-09T04:53:44+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/climate\/2023\/05\/09\/sabics-1q-2023-net-income-plunges-on-back-of-global-prices-squeeze\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/climate\/"},{"@type":"ListItem","position":2,"name":"SABIC\u2019s 1Q 2023 net income plunges on back of global prices squeeze"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/climate\/#website","url":"https:\/\/enterpriseam.com\/climate\/","name":"Climate","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/climate\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/climate\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/climate\/#organization","name":"Climate","url":"https:\/\/enterpriseam.com\/climate\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/25470.svg","contentUrl":"https:\/\/ent.news\/internal\/25470.svg","caption":"Climate"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/climate\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/climate\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/calculator-old-1600px.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_shortlink":"https:\/\/wp.me\/pgVl2y-k6S","_links":{"self":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/posts\/77306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/comments?post=77306"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/posts\/77306\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/issue\/77295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/media\/77307"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/media?parent=77306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/categories?post=77306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/tags?post=77306"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/brand?post=77306"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=77306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}