SABIC Agri-Nutrients Profits Jump 494% during 1Q to SR2.5 bln

The net profit after zakat and tax for SABIC Agricultural Nutrients Company jumped to SR2.5 billion during the first quarter, compared to SR423 million during the same quarter of the previous year, by 494%.

This came after SABIC announcement on Tuesday the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

The operational profit amounted to SR2.6 billion during the first quarter, compared to SR502 million during the same quarter of the previous year, a growth of 421%.

The gross profit amounted to SR3 billion during the first quarter, compared to SR645 million during the same quarter of the previous year, an increase of 369%.

Profits per share during the current period amounted to 5.28, compared to 0.89 riyals during the same period of the previous year.

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

• Increase in quantities sold of company’s products.

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

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

• Increase in selling and distribution expenses.

The reasons of the decrease in the net profit for the current quarter compared with previous quarter:

• Increase in selling and distribution expenses.

• Increase in general and administrative expenses.

On 1st of Jan 2022, SABIC Agri Nuitrent becomes the marketer to sell it’s own products which impact the company financial performance by having higher revenue and higher logistic cost which SABIC was our Marketer before.

In addition and due to the Covid-19 impact, the global logistic cost has increased.