Sabic posts SAR 1.2 bn loss in 1Q

SABIC-

Saudi Basic Industries Corp. (Sabic) moved into the red, reporting a net loss of SAR 1.2 bn in 1Q 2025, compared to a net income of SAR 250 mn in the same quarter a year earlier, the chemicals giant said in an earrings release (pdf). The results came short of analysts’ expectations which projected SAR 699 mn in net income. Meanwhile, revenue rose 6% y-o-y during the quarter to SAR 34.6 bn.

The drivers: The loss was driven by SAR 1.07 bn in restructuring costs, SAR 340 mn in additional operational and feedstock costs, and SAR 100 mn in costs to repair a US facility damaged by freezing, CFO Salah Al Hareky told Aleqtisadiah, adding that Sabic is seeking ins. reimbursement for the US site repair.

Restructuring and outlook: Restructuring efforts — aimed at improving long-term competitiveness — are ongoing and expected to be finalized by year-end, CEO Abdulrahman Al Fageeh confirmed in a press conference (watch, runtime: 20:35). Overcapacity remains a major challenge in the global petrochemicals sector, but that Sabic is proceeding with its sustainability-focused projects, particularly in China, Al Fageeh added.

Market reax: Sabic shares fell 2.8% on the Saudi exchange following the results. The stock is down over 10% in the year-to-date, underperforming TASI.

DR. SULAIMAN AL HABIB MEDICAL SERVICES-

Dr. Sulaiman Al Habib Medical Services Group posted a 1% y-o-y rise in net income to SAR 557 mn in 1Q 2025, with gains capped by operational costs related to new expansions, it said in a disclosure to Tadawul. The top line jumped 25.2% y-o-y to SAR 3.16 bn in the same period, steered by greater hospital patient volumes and pharmacy sales supported by recent openings in Jeddah and Riyadh.

ALSO- The group’s BoD approved a SAR 392 mn dividend distribution for 1Q 2025 at SAR 1.12 apiece, it said in a separate disclosure, setting the distribution date for 26 May.

SAUDI AUTOMOTIVE SERVICES-

Saudi Automotive Services (Sasco) saw its net income drop 59.7% y-o-y to SAR 4.28 mn in 1Q 2025, tugged down by higher sales, marketing, and financing expenses, and fair value losses on financial assets, according to an earnings release (pdf). Revenue rose 12.5% y-o-y to SAR 2.76 bn, supported by higher fuel sales and diesel prices, as well as improved performance by Palm stores and the transportation segment.

LUBEREF-

Saudi AramcoBase Oil Company (Luberef) saw its net income drop 7.3% y-o-y to SAR 221.5 mn in 1Q 2025, weighed down by lower by-products crack margins, it said in a disclosure to Tadawul. Revenue slightly slipped 2.6% y-o-y to SAR 2.1 bn over the same period on the back of weaker by-product sales despite a stronger base oil crack margins.

THE NATIONAL AGRICULTURAL DEVELOPMENT CO.-

The National Agricultural Development Company (Nadec) saw a 2.1% y-o-y increase in net income to SAR 103.4 mn in 1Q 2025, buoyed by lower general and administrative, finance, and sales costs, according to a disclosure to Tadawul. Meanwhile, revenue grew 17.9% y-o-y to SAR 1.01 bn, supported by higher sales in the agricultural, protein, and dairy and beverages segments.

DAR ALARKAN-

Dar Alarkan Real Estate reported a 36.3% y-o-y rise in net income to SAR 209.3 mn in 1Q 2025, driven by an increase in lease revenue, lower finance costs, and gains from Islamic murabaha deposits, according to a disclosure to Tadawul. Meanwhile, revenue climbed 7.8% y-o-y to SAR 932 mn during the same period, buoyed by higher property sales.

MOUWASAT MEDICAL SERVICES-

Mouwasat Medical Services’ net income climbed 14.8% y-o-y to SAR 197.1 mn in 1Q 2025, supported by revenue growth, higher other income, lower impairment provisions, reduced financing costs, and lower Zakat expenses, it said in a disclosure to Tadawul. Revenues also grew 5.8% y-o-y to SAR 764.4 mn, driven by higher outpatient visits, stronger inpatient occupancy, and continued benefits from improved client contracts.

EASTERN PROVINCE CEMENT-

Eastern Province Cement’s net income shrunk 21.5% y-o-y to SAR 62 mn, on weaker precast sales, lower investment income, an impairment loss, and higher expenses, it said in a disclosure to Tadawul. Its topline inched down 2.3% y-o-y to SAR 299 mn on the back of weaker precast sales.

CITY CEMENT-

City Cement posted a net income of SAR 51.5 mn in 1Q 2025, up 23.9% y-o-y, while revenue rose 24.6% y-o-y to SAR 149.3 mn, both driven by higher sales volume and value, it said in a disclosure to Tadawul.