SABIC Profits Fell 67% in Third Quarter to 1.84 Billion Riyals

Saudi Arabia’s petrochemicals giant, SABIC, doubles profits, taking advantage of the improvement in global demand (Asharq Al-Awsat)
Saudi Arabia’s petrochemicals giant, SABIC, doubles profits, taking advantage of the improvement in global demand (Asharq Al-Awsat)
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SABIC Profits Fell 67% in Third Quarter to 1.84 Billion Riyals

Saudi Arabia’s petrochemicals giant, SABIC, doubles profits, taking advantage of the improvement in global demand (Asharq Al-Awsat)
Saudi Arabia’s petrochemicals giant, SABIC, doubles profits, taking advantage of the improvement in global demand (Asharq Al-Awsat)

The net profit of Saudi Basic Industries Corporation (SABIC) fell by 67.14% in the third quarter of 2022, reaching almost 1.84 billion riyals, compared to a net profit of about 5.6 billion of riyals in the same quarter of 2021.

On a quarterly basis, SABIC’s net profit decreased by 76.8% in the third quarter of 2022, compared to a net profit of approximately 7.93 billion riyals in the second quarter of 2022.

SABIC revealed in a statement Sunday on “Tadawul Saudi Arabia” that the decrease in net profit in the third quarter of 2022, on an annual basis, is due to the high cost of sales and the increase in shipping and distribution costs, despite the increase in quantities sold.

SABIC’s revenues totaled 46.87 billion riyals in the third quarter of 2022, compared to approximately 43.7 billion riyals in the same quarter of 2021, an approximate increase of 7.25%.



Saudi Firms Sign $8.3 Billion Clean Energy Deals

Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
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Saudi Firms Sign $8.3 Billion Clean Energy Deals

Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA

Several Saudi companies, including ACWA Power and a subsidiary of oil giant Aramco, signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts and investments worth around $8.3 billion, the Saudi state news agency (SPA) said.

ACWA Power signed seven agreements as the main developer, in partnership with the Water and Electricity Holding Co (Badeel), owned by the Saudi Public Investment Fund (PIF), and Aramco Power, a unit of Aramco, according to SPA.

The projects include five photovoltaic solar plants in the cities of Aseer, Madinah, Makkah and Riyadh, and two wind power projects in Riyadh.

Saudi Arabia is aiming to build up to 130 gigawatts of renewable capacity by 2030, it said last year.