{"id":83853,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/28\/sabic-has-turned-in-what-might-be-its-first-ever-net-loss\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"sabic-has-turned-in-what-might-be-its-first-ever-net-loss","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/28\/sabic-has-turned-in-what-might-be-its-first-ever-net-loss\/","title":{"rendered":"Sabic has turned in what might be its first-ever net loss"},"content":{"rendered":"

Petrochemicals giant Saudi Basic Industries Corp<\/strong> (Sabic) reported a net loss of SAR 2.8 <\/strong>bn in 2023 <\/strong>against a net income of SAR 16.5 bn a year earlier, according to its earnings release (pdf)<\/a>. Its revenues were down 22.7% y-o-y last year to SAR 141.5 bn.<\/p>\n

This could be Sabic\u2019s first ever net loss. <\/strong>As we note in Saudi in the News this morning, Bloomberg has no record of Sabic losing money in a year in data that goes back to the mid-1990s.<\/p>\n

Fueling the drop:<\/strong> Sabic \u2014one of the world\u2019s largest petrochemicals companies \u2014 attributed the net losses to discontinued operations \u201cdriven mainly from the fair valuation of the [steel subsidiary] Hadeed business \u2026 and financial performance\u201d last year. Revenues came in lower due to a drop in average selling prices and sold quantities, Sabic said, adding that its sales were hit by a sluggish global demand on petrochemicals.<\/p>\n

REMEMBER- <\/strong>Sabic agreed last year<\/a> to sell its steel subsidiary Hadeed to the Public Investment Fund last year at an enterprise value of SAR 12.5 bn. It said the divestment would allow it to \u201coptimize its portfolio and focus on its core business.\u201d The transaction, which is subject to customary conditions and regulatory approvals, is set to close before the end of this quarter. <\/p>\n

A look at Q4:<\/strong> Sabic reported a net loss of SAR 1.7 bn in the fourth quarter of 2023 against a net income of SAR 300 mn in the corresponding quarter a year earlier, according to its earnings release. Its revenues were down 11% y-o-y in the fourth quarter of 2023 to SAR 35 bn.<\/p>\n

Highlights of the year:<\/strong> Sabic said it reached a final investment decision to develop a world-scale USD 6.4 bn petrochemical complex in China\u2019s Fujian with China\u2019s Fujian Energy Petrochemical, according to its earnings call presentation (pdf)<\/a>. They broke ground on the project earlier this month<\/a>. It also announced with China\u2019s Sinopec the start of commercial operations at a new polycarbonate at the Sinopec Sabic Tianjin Petrochemical Co. <\/p>\n

\n

CARE-<\/p>\n

National <\/strong>Medical Care's net income rose 42% y-o-y to SAR 241 mn in 2023<\/strong> on the back of a hike in patient admissions, it said in an earnings release (pdf)<\/a>. Revenues increased 18% y-o-y to SAR 1 .1 bn over the same period. On a quarterly basis,the bottom line grew 14% y-o-y to SAR 63 mn, while its top line was up 19% y-o-y to SAR 300 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sabic reported a net loss of SAR 1.7 bn in Q4 2023<\/p>\n","protected":false},"author":1,"featured_media":83854,"comment_status":"","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":[2607],"tags":[285,10,1123,548,138],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-ksa","tag-hadeed","tag-national-medical-care","tag-sabic","wpautop","entry"],"acf":{"mongo_id":"69530b7e-7a60-4565-8b04-3d3ab9f60b41","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2718.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sabic has turned in what might be its first-ever net loss","related_issue":[83837],"teaser":"Sabic reported a net loss of SAR 1.7 bn in Q4 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.ce8db774-ccea-4e1f-9335-ee02f1d86d25.mp3"},"yoast_head":"\nSabic has turned in what might be its first-ever net loss - 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