CHEMICAL distributor SBS Philippines Corp. saw its net income decline by 74.3 percent to P35.2 million in 2023, from P137.1 million a year earlier, following lower revenues and higher expenses.

Sales amounted to P1.0 billion, down 16.7 percent compared to the P1.2 billion generated in 2022, based on the company's published audited financial statements.

Operating expenses were said to have widened to P169.8 million from P157.4 million, while incurred finance costs stood at P149 million, up from the P96.9 million.

"The company is exposed to market risk through its use of financial instruments and specifically to foreign currency risk and interest rate risk, which result from its operating, investing and financing activities," it noted.

SBS closed 2023 with total assets reaching P7.8 billion. Total liabilities and total equity, meanwhile, settled at P2.1 billion and P5.7 billion, respectively.

The company, which operates warehouse facilities and distribution depots in Metro Manila and Bulacan, provides a selection of chemical products to various sectors, including food, industrial, agribusiness, pharmaceuticals and cosmetics.

On Tuesday, SBS Philippines shares fell by 23 centavos to P4.40 apiece.