SABIC (2010) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose to $9.83 billion (SR 36.88 billion), up 3% year-over-year, with stable EBITDA of $1.52 billion and a significant net income turnaround, supported by portfolio optimization and sustainability initiatives.

• Major divestments included the sale of Hadeed and ALBA shares, with recognized losses and reclassification as discontinued operations.

• Sustainability and innovation efforts were recognized with awards and milestones in recycling and solar technology.

Financial highlights

• Q3 2024 revenue reached $9.83 billion, up 3% sequentially and year-over-year; EBITDA was $1.52 billion, with a margin of 15.4%.

• Net income for Q3 was $268 million (SR 1.76 billion), a sharp improvement from a loss in Q3 2023.

• Year-to-date EBITDA totaled $4.24 billion, and net income from continued operations for nine months was about $1 billion, up 40% year-over-year.

• Free cash flow for Q3 2024 was $1.05 billion, and cash flow from operations was $1.75 billion.

• Gross profit for Q3 2024 was SR 7.0 billion, with a gross margin of 19.0%.

Outlook and guidance

• 2024 global GDP growth is forecast at 2.7%, with monetary easing and stable economic growth expected.

• CapEx for 2024 is projected at $3.3–$3.9 billion, reflecting disciplined capital management and growth investments.

• Final sale consideration for Hadeed is pending, and ALBA share sale is expected to close within twelve months.