Saudi Basic Industries Corp. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	32.69	36.43	-10.266	35.03	-6.679
Gross Profit (Loss)	5.86	5.85	0.17	4.58	27.947
Operational Profit (Loss)	1.21	1.76	-31.25	-1.36	-
Net profit (Loss)	0.25	0.66	-62.121	-1.73	-
Total Comprehensive Income	-0.47	0.93	-	-1.67	-71.856
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (After Deducting the Minority Equity)	166.96	186.98	-10.707
Profit (Loss) per Share	0.08	0.22
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Percentage of the capital (%)	Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	In Q1 2024, the company’s revenues decreased by 10% year-over-year, with revenues amounting to SAR 32.69 Billion compared to SAR 36.43 Billion recorded in the first quarter of 2023. The decrease is primarily attributed to the decline in the average selling prices by 3% and reduction in sales quantities by 7%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The net profit for this quarter reached SAR 0.25 Billion compared to SAR 0.66 Billion for the same quarter of the previous year. The decrease in net profit is attributed to lower revenues, lower results from associates and joint ventures in addition, to losses from discontinued operations.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	In Q1 2024, the company’s revenues decreased by 7% quarter over quarter, with revenues amounting to SAR 32.69 Billion compared to SAR 35.03 Billion recorded in the fourth quarter of 2023. The decrease is mainly attributed to the reduction in sales quantities by 11% due to scheduled turnarounds in some plants offset by 4% higher average selling prices.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	The net profit for this quarter reached SAR 0.25 Billion compared to net loss SAR 1.73 billion for the previous quarter. The increase in net profit is mainly attributed to the increase in average selling prices by 4%, higher results from associates and non-integral Joint Ventures and a decrease in General and Administrative expenses as well as decrease in Selling & Distribution expenses due to the continuous company efforts in cost optimization.

It is worth mentioning that the company recorded in previous quarter non-recurring items net to SAR 1.3 billion which were mainly related to impairment charges, write-offs of certain capital and financial assets, provisions for the restructuring program in Europe as well as revaluation gains connected with embedded derivatives in joint venture contracts.Statement of the type of external auditor's report Unmodified conclusionComment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) Not applicableReclassification of Comparison Items Certain prior period figures have been re-classified to conform with the current period presentation. Hadeed’s earnings are being disclosed separately as results from discontinued operations in the annualconsolidated financial statements, in compliance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”.Additional Information Earnings before financial expenses, zakat, taxes, depreciation and amortization (EBITDA) for the 1ST quarter 2024 amounted to SAR 4.51 billion, compared to SAR 3.33 billion in the previous quarter, an increase of 35%, translating to an EBITDA margin of 14% in 1st quarter 2024 compared to 10% in the previous quarter. Please refer to the Earning release for more details

Attached 1Q 2024 earnings release and presentation in addition to an update on SABIC ESGAttached Documents

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