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SABIC's net profits up 33% in 2021 initial results

SABIC's net profits up 33% in 2021 initial results
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Riyadh – Mubasher: Saudi Basic Industries Corporation's (SABIC) net profits after Zakat and tax surged by 32.8% year-on-year (YoY) to SAR 23.03 billion in 2021 from SAR 70 million in 2020, the interim financial results showed on Thursday.

Earnings per share amounted to SAR 7.68 in 2021, compared to SAR 0.02 a year earlier.

The company’s revenues jumped to SAR 174.92 billion in the 12-month period that ended on 31 December 2021, higher by 49.56% than SAR 116.95 billion in the same period of 2020.

In the fourth quarter (Q4) of 2021, SABIC achieved a net profit of SAR 4.93 billion, a surge of 119.1% from SAR 2.25 million in Q4-20.

Revenues soared by 56.15 % to SAR 51.28 billion in Q4-21 from SAR 32.84 billion in Q4-20.

On a quarterly basis, the company’s net profits in Q4-21 declined by 11.8% from SAR 5.59 billion in Q3-21, and the revenues increased by 17.34% from SAR 43.7 billion.

It is worth noting that during the first nine months (9M) of 2021, SABIC recorded net profits of SAR 18.1 billion, versus net losses of SAR 2.18 billion in the year-ago period.