Dubai, UAE–Saudi Basic Industries Corporation said Tuesday its net profit for the year 2022 fell by 28 percent compared to 2021.
The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion), compared with SAR23 billion a year ago.
In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.
The company posted a revenue of 198.47 billion riyals, a 13 percent increase over 2021 revenue of 174.88 billion riyals.
In 2020, Saudi energy giant Aramco had acquired a 70 percent stake in SABIC from the kingdom’s sovereign wealth fund, PIF. SABIC said value accretion because of this association amounted to 2.76 billion riyals in 2022 and a total of 4.31 billion riyals since 2020.
The company said global GDP growth rate in 2023 is now estimated at 2.1%.
“SABIC’s margins will continue being under pressure in the first half of 2023 due to slow demand and additional new capacities for its major products,” the statement said.
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