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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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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.