SABIC turns profitable at SAR 3.4bn in 9M-24 interim results - Mubasher Info

SABIC
2010 -0.41% 72.50 -0.30

Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) swung to net profits amounting to SAR 3.43 billion in the first nine months (9M) of 2024, versus net losses worth SAR 1.04 billion in 9M-23.

Revenues hit SAR 105.28 billion in 9M-24, down 1.15% year-on-year (YoY) from SAR 106.51 billion, according to the interim financial statements.

The earnings per share (EPS) reached SAR 1.14 as of 30 September 2024, compared to a loss per share of SAR 0.35 in 9M-23.

Financials for Q3-24

In the third quarter (Q3) of 2024, SABIC turned profitable at SAR 1 billion, against net losses valued at SAR 2.88 billion in Q3-23.

The Saudi group posted 2.50% YoY higher revenues at SAR 36.88 billion in Q3-24, compared to SAR 35.98 billion.

Quarterly, the net profits in Q3-24 plunged by 54.12% from SAR 2.18 billion in Q2-24. Meanwhile, the revenues increased by 3.24% from SAR 35.72 billion.

Source: Mubasher Source: {{details.article.source}}