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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)
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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%.

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Israel's Leviathan Gas Field to Resume Operations

FILE PHOTO: An Israeli military ship sails next to the production platform of Leviathan natural gas field in the Mediterranean Sea, off the coast of Haifa, northern Israel December 1, 2020. REUTERS/Ilan Rosenberg/File Photo
FILE PHOTO: An Israeli military ship sails next to the production platform of Leviathan natural gas field in the Mediterranean Sea, off the coast of Haifa, northern Israel December 1, 2020. REUTERS/Ilan Rosenberg/File Photo
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Israel's Leviathan Gas Field to Resume Operations

FILE PHOTO: An Israeli military ship sails next to the production platform of Leviathan natural gas field in the Mediterranean Sea, off the coast of Haifa, northern Israel December 1, 2020. REUTERS/Ilan Rosenberg/File Photo
FILE PHOTO: An Israeli military ship sails next to the production platform of Leviathan natural gas field in the Mediterranean Sea, off the coast of Haifa, northern Israel December 1, 2020. REUTERS/Ilan Rosenberg/File Photo

Israel's NewMed said on Wednesday the Leviathan natural gas field that supplies gas to Egypt and Jordan, shut down nearly two weeks ago due to the Iran-Israel conflict, would resume operations in the next few hours.

Two of Israel's three gas fields - Chevron-operated Leviathan and Energean's Karish - off its Mediterranean coast that provide the bulk of exports to Egypt and Jordan have been shut since June 13.

That left in operation only the older Tamar field, used mainly for domestic supplies.

Israel and Iran agreed to a ceasefire on Tuesday. Israel's Energy Ministry said that after a security assessment, Energy Minister Eli Cohen had ordered the opening of Leviathan and Karish, Reuters reported.

The ministry said resuming regular operations at the rigs will "enable the supply of natural gas to all customers", the resumption of gas exports to neighboring countries, a rise in state tax revenues, and greater flexibility in managing the electricity and industrial sectors.

Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces 12 billion cubic meters of gas per year for sale to Israel, Egypt and Jordan. That will rise to some 14 bcm in 2026.

In addition to Chevron and NewMed, Ratio Energies is also a partner in Leviathan.