MOBI profits down 7% to SR16mln in 2021

Profits of National fertilizer Co. (MOBI) decreased 7% to SR 16 million in 2021 from SR 17 million in 2020.

The company said in its financial result statement that the operational profit fell 13% to SR 20 million last year from SR 18 million.

Gross profit fell by 0.7% to SR 56.7 million against SR 57 million in 2020, while profit per share slipped to SR 3.22 from SR 3.48.

The decrease of net MOBI’s net profit was mainly due to the increase in the costs of raw materials and shipping costs in addition to the increase in promotions to increase the market share.