Sabic Q1 Report 2023

The Russian-Ukrainian conflict started in February 2022 resulting a steep increase of crude oil and natural gas prices and at the same time affected share prices at stock exchanges. The course of events required a reassessment of certain accounting estimates, assumptions and judgements of the Group’s exposure on impairment risks and expected credit losses.

On 24 January 2022, SABIC Agri-Nutrients Company (“SABIC AN”), a subsidiary of SABIC signed a binding agreement to acquire 49% in the share capital of ETG Inputs Holdco Limited (“EIHL”) for an enterprise value of SR 1,200 million.

On 19 Ramadan 1444H (corresponding to 10 April 2023), SABIC AN has completed the acquisition procedure of 49% shareholding in EIHL in terms of getting the regulatory approvals in compliance with the terms and conditions of acquisition agreement.