SABIC Agri-Nutrients Profits Jump 203% during the 3Q to SR1.2 billion

SABIC Agri-Nutrients Company net profit after zakat and tax jumped to SR1.2 billion during the 3Q, compared to SR398 million during the same quarter of the previous year, by 203%.

This came after SABIC Agri-Nutrients Company announced on Wednesday its interim financial results for the period ended Septembr 30, 2021 (Nine Months)

The operational profit amounted to SR1.3 billion during the third quarter, compared to SR388 million during the same quarter of the previous year, a growth of 253%.

The gross profit amounted to SR1.5 billion during the 3Q, compared to SR485 million during the same quarter of the previous year, an increase of 219%.

The net profit after zakat and tax during the current period amounted to SR2.46 billion, compared to SR1.06 billion during the same period of the previous year, an increase of 132%.

Profits per share during the current period amounted to SR5.18, compared to SR2.55 during the same period of the previous year.

The reasons of increase in net profit for the current quarter compared to the same quarter last year:

• Increase in average selling prices of company’s products

Despite the increase in net profit, it has been limited by:

• Increase in cost of goods sold.

The reasons of increase in net profit for the current quarter compared to previous quarter:

• Increase in average selling prices of company’s products.

Despite the increase in net profit, it has been limited by:

• Increase in the provision for obsolete and dormant inventory.
• Increase in cost of goods sold.

The company said “as have been previously announced in Saudi Stock Exchange (Tadawul) website on  04/01/2021” that the acquisition transaction completed on entire share capital of the SABIC Agri-Nutrients Investment Company which had material impact on the financial statements of the company due to consolidation of its financial statements with acquired company in adherence with adopted accounting standards and policies. Additionally, the capital increased due to acquisition transaction in which the number of shares has increased from 416,666,666 shares to 476,035,404 and therefore it had impact on profits per share.