‎“SABIC Agri-Nutrients” profits declined 78% during Q2, to SR ‎‎651 million ‎

SABIC Agri-Nutrients Company revealed a decline in net profit after zakat and tax in the second quarter to 651 million riyals, compared to 3 billion riyals in the same quarter of last year, by 78.4%. This came after today’s announcement of the preliminary financial results for the period ending on June 30- 2023 (6 months).

The operating profit amounted to 678 million riyals in the second quarter, compared to 3.1 billion riyals in the same quarter of last year, a decrease of 78.3%.

The net profit after zakat and tax during the 6-month period amounted to 1.6 billion riyals, compared to 5.5 billion riyals in the same period last year, a decrease of 70.5%.

And the total shareholders’ equity “without minority rights” amounted to 16.4 billion riyals in the current period, compared to 17.7 billion riyals in the same period last year, a decrease of 7.6%.

Earnings per share in the current period reached 3.43 riyals, compared to 11.63 riyals in the same period last year.

The reasons for the decrease in net profit during the current quarter compared to the same quarter of the previous year are due to:

– The decrease in the average selling prices of the company’s products by 52%

– A decrease in the quantities sold for the company’s products by 3%

The reasons for the decrease in net profit during the current quarter compared to the previous quarter are due to:

– The decrease in the average selling prices of the company’s products by 18%. The impact of this decrease was limited by the increase in the quantities sold for the company’s products by 16% as a result of the company’s completion of scheduled periodic maintenance work for the company’s fourth plant for the production of urea and ammonia during the previous quarter, in addition to the increase in quantities sold from associate companies

The reasons for the decrease in net profit during the current period compared to the previous period are due to:

– The decrease in the average selling prices of the company’s products by 47%

– A decrease in the quantities sold for the company’s products by 2%.

Total comprehensive income belongs to the parent company.