SABIC’s earnings surprise analysts as profits fall higher than estimates to 67% in Q3

RIYADH: Saudi chemical giant SABIC saw its profits fall to SR1.84 billion ($490 million) in the third quarter of 2022, surprising analysts as they didn’t expect earnings to decline at that level.

In response to the results, SABIC’s shares fell over 2 percent to reach SR87.9, as of 10:16 a.m. Saudi time.

The company’s profits declined over 67 percent from SR5.6 billion in the same quarter a year earlier, recording a bigger fall than analysts had earlier estimated, despite a revenue jump of 7 percent to SR47 billion.