Today, Sunday, the Saudi Basic Industries Company (SABIC) reported a 67 percent decrease in net earnings. 1% to 1. In the third quarter, 84 billion riyals (489.62 million USD) were earned as opposed to 5. It was 6 billion riyals last year.
Given that sales volumes have increased, the company blamed the loss on “high sales costs as well as high shipping and distribution costs.”
She stated in a statement to the Saudi Stock Exchange that a decline in the value of some financial assets of 0.51 billion riyals was also recorded.
The net profit for the first nine months of this year was 16. 24 million riyals, down 10. 28% from the 18. 1 billion riyals earned during the same period in 2021.
In the third quarter of 2022, Saudi SABIC’s profit drops 67%.
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