Recent Research

• 

  FIRST LOOK NOTES

  04 Nov 2025

  Saudi Basic Industries Corp

  ACCUMULATE

  Last Closing Price

  SAR 58.40

  Target Price

  SAR 65.00

  Upside (%)

  +11.30%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q25 - First Look Note

  SABIC reported a positive net profit during 3Q25, for the first time in 2025, supported by lower costs and improved gross margins after the absence of 2Q25 impairment charges. Petrochemical prices stayed weak amid global overcapacity and soft demand, while Agri-Nutrients' performance improved, supported by higher urea prices and strong seasonal demand.

  Download
• 

  FIRST LOOK NOTES

  11 Aug 2025

  Saudi Basic Industries Corp

  ACCUMULATE

  Last Closing Price

  SAR 57.35

  Target Price

  SAR 65.00

  Upside (%)

  +13.34%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 2Q25 - First Look Note

  Petrochemicals revenue declined 2.8% YOY and increased 2.9% QOQ to SAR 32.4 Bn in 2Q25, while Agri-Nutrients rose 32.3% YOY and 2% QOQ to SAR 3.2 Bn. Total Revenue increased 2.8% QOQ, primarily due to licensing revenue of SAR 863 Mn along with increased sales volume in 2Q25. Petrochemicals segment EBITDA declined 24.7% YOY to SAR 3.7 Bn in 2Q25, whereas Agri-Nutrients EBITDA expanded 51.2% YOY to SAR 1.2 Bn.

  Download
• 

  FIRST LOOK NOTES

  12 May 2025

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 58.80

  Target Price

  SAR 75.00

  Upside (%)

  +27.55%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 1Q25 - First Look Note

  Price and volume remained steady for the petrochemical sector in 1Q25 compared to 4Q24, while chemical segment experienced marginally increment in sales volume.

  Download
• 

  FIRST LOOK NOTES

  12 Mar 2025

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 63.50

  Target Price

  SAR 90.00

  Upside (%)

  +41.73%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 4Q24 - First Look Note

  Average product selling price declined 1.0 % YOY in 4Q24, while sales volume declined marginally. Revenue from petrochemicals segment declined 1.5% YOY to SAR 31.7 Bn, while revenue from agri-nutrients segment grew 5.0% YOY to SAR 3.0 Bn in 4Q24.

  Download
• 

  FIRST LOOK NOTES

  21 Nov 2024

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 70.00

  Target Price

  SAR 90.00

  Upside (%)

  +28.57%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q24 - First Look Note

  SABIC’s average product selling price rose 3% YOY in 3Q24 while sales volume declined 1% YOY. Petrochemicals sales volumes grew 5% QOQ to 10.03 MMT in 3Q24 while Agri-Nutrients sales volume declined 1% QOQ to 1.84 MMT.Achieved mechanical completion of the Pyoil plant.

  Download
• 

  FIRST LOOK NOTES

  11 Oct 2024

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 74.50

  Target Price

  SAR 90.00

  Upside (%)

  +20.81%

  Solid cost-optimization initiatives coupled with higher sales volumes & improved margins boost profitability

  SABIC’s average product selling price rose 1% YOY in 2Q24 while sales volume increased 4% YOY.

  Download