Net Income for the year
SABIC net income for 2020 was SAR 67 million compared to SAR 5,198 million in 2019. The decrease was mainly attributed to the decline in margins by 54% despite the increase in sales volume by 1%.
Share of results of associates and joint ventures for 2020 was SAR 66 million compared to a loss of SAR 1,595 million in 2019. This was primarily due to recording an impairment provision for Clariant during 2019 of SAR 1,515 million.
Finance costs, for 2020 were SAR 1,292 million, an increase of SAR 131 million or 11%, compared to 2019.
Other Income (Expense) for 2020 was SAR (71) million compared to SAR 431 million in 2019. The decrease is mainly due to higher donation expenses and certain restructuring provisions.
Zakat expenses for 2020 were SAR 1,683 million, which is SAR 285 million lower than 2019.
Income tax expenses for 2020 were SAR 338 million, a decrease of SAR 315 million or 48% compared to 2019. The decrease in Income tax is primarily due to a deferred tax benefits on assets impairments.