Latest news with #SaudiBasicIndustriesCorp
Zawya
05-05-2025
- Business
- Zawya
SABIC reports net loss of $323mln in Q1 2025
Saudi Basic Industries Corp. (SABIC) reported a net loss of 1.21 billion Saudi riyals ($322.65 million) in Q1 2025, compared to a net profit of SAR 250 million a year ago. The losses were driven by higher feedstock prices and an increase in other operating expenses, mainly due to a non-recurring cost of SAR 1.07 billion. In April, Riyad Capital expected SABIC's net profit to fall 47% year-on-year (YoY) to SAR 130 million in Q1 2025 compared to SAR 246 million in Q1 2024. However, revenue rose by 6% year-on-year to SAR 34.59 billion, matching the previous quarter. Sales performance was stable, supported by slightly higher production volumes in chemicals and polymers, although overall sales volumes were marginally lower, particularly in agri-nutrients and polymers segments. Despite the ongoing macroeconomic uncertainties, SABIC continued to demonstrate resilience, supported by stable demand, said CEO Abdulrahman Al-Fageeh. 'Our EBITDA for the quarter stood at SAR 2.5 billion, impacted by strategic restructuring initiative that will positively reflect on the company's future financial results through cost reduction and performance efficiency enhancement,' he added. The CEO said that SABIC will focus on driving operational excellence, advancing transformation, and pursuing selective growth in 2025, while maintaining financial discipline and delivering long-term value. Quarter-on-quarter, net loss narrowed from SAR 1.89 billion in Q4 2024, thanks to higher associate profit and finance income.
Bloomberg
04-05-2025
- Business
- Bloomberg
Saudi Chemicals Giant Posts Another Surprise Earnings Loss
Saudi chemicals giant Sabic suffered a surprise loss in earnings for a second straight quarter, adding to signs the company is struggling to cope with market uncertainty and broad industry headwinds. Saudi Basic Industries Corp. posted a net loss of 1.2 billion riyals ($320 million), according to a statement on Sunday. That compares with analysts' estimates for a profit of 699 million riyals. The results reflect challenges including elevated feedstock prices and lower overall sales volumes, particularly in agri-nutrients and polymers.
Argaam
27-02-2025
- Business
- Argaam
SABIC Q4 loss contrary to estimate, stock under review: Ubhar Capital
Logo of Saudi Basic Industries Corp. (SABIC) Ubhar Capital said SABIC reported a net loss of SAR 1.89 billion in Q4 2024, mi
Zawya
12-02-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets in red on US tariff worries, Powell's comments
Most stock markets in the Gulf ended lower on Wednesday as investors remained cautious, given the uncertainty over U.S. import tariffs and the Federal Reserve Chair Jerome Powell signalling a patient path for rate cuts. Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the U.S. president has vowed to impose on every country that charges duties on U.S. imports, ratcheting up fears of a widening global trade war. Saudi Arabia's benchmark index fell 0.3%, hit by a 1.8% fall in Saudi Basic Industries Corp as the petrochemical maker traded ex-dividend. Dubai's main share index dropped 0.6%, weighed down by a 4% decline in sharia-compliant Dubai Islamic Bank , despite reporting a rise in annual profit. The Dubai bourse snapped two sessions of gains, influenced by recent earnings releases, said Joseph Dahrieh, managing principal at Tickmill. However, the Dubai bourse maintains the potential for further upside given its solid fundamentals and generally strong earnings releases this quarter, added Dahrieh. In Abu Dhabi, the benchmark index nudged 0.2% higher, with Aldar Properties closing 1.1% higher, rising for a fourth consecutive session. Aldar on Monday reported a fourth-quarter profit of 1.9 billion dirhams ($517.32 million), up 37% year-on-year. However, Lulu Retail Holding plunged 9.6%, extending losses from the previous session, after a steep decline in quarterly profit. In Qatar, the index was down 0.3%, with petrochemical firm Industries Qatar retreating 0.9%. The U.S. Consumer Price Index (CPI) report, due at 1330 GMT, is now on investors' radar. Markets have been scaling back expectations for Fed rate cuts this year, largely expecting the U.S. central bank to hold rates steady at its March and May meetings. On Tuesday, Powell said the economy is in a good place and the Fed isn't rushing to cut interest rates further, but is prepared to do so if inflation drops or the job market weakens. Outside the Gulf, Egypt's blue-chip index added 0.3%. SAUDI ARABIA fell 0.3% to 12,386 Abu Dhabi rose 0.2% to 9,659 Dubai dropped 0.6% to 5,304 QATAR was down 0.3% to 10,595 EGYPT was up 0.3% to 29,662 BAHRAIN eased 0.4% to 1,892 OMAN lost 0.8% at 4,486 KUWAIT added 0.3% to 8,514 ($1 = 3.6728 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)
Zawya
12-02-2025
- Business
- Zawya
Mideast Stocks: Major Gulf markets subdued on US tariff worries, Powell's comments
Major stock markets in the Gulf were subdued in early trade on Wednesday as investors remained cautious given the uncertainty over U.S. import tariffs and Federal Reserve Chair Jerome Powell's signal of a patient path for rate cuts. Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the U.S. president has vowed to impose on every country that charges duties on U.S. imports, ratcheting up fears of a widening global trade war. Saudi Arabia's benchmark index eased 0.3%, hit by a 1.6% fall in petrochemical maker Saudi Basic Industries Corp . Elsewhere, oil giant Saudi Aramco lost 0.3%. Oil prices - a catalyst for the Gulf's financial markets - edged down as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, though stronger refining margins limited losses. Dubai's main share index dropped 0.5%, weighed down by a 3.8% slide in sharia-compliant Dubai Islamic Bank , despite reporting a rise in annual profit. In Abu Dhabi, the index edged 0.1% higher, helped by a 0.5% increase in Aldar Properties. The company was set to gain for a fourth consecutive session. On Monday, Aldar reported a 37% year-on-year rise in fourth-quarter profit of 1.9 billion dirhams ($517.32 million). Lulu Retail Holding plunged 9.6%, extending losses from the previous session, after a steep decline in quarterly profit. The Qatari benchmark fell 0.3%, with telecoms firm Ooredoo losing 1.9%. The U.S. Consumer Price Index (CPI) report, due at 1330 GMT, is now on investors' radar. Markets have been scaling back expectations for Fed rate cuts this year, largely expecting the U.S. central bank to hold rates steady at its March and May meetings. On Tuesday, Powell said the economy is in a good place and the Fed isn't rushing to cut interest rates further, but is prepared to do so if inflation drops or the job market weakens. ($1 = 3.6728 UAE dirham)
