National Fertilizer Co. (MOBI) posted a 22% fall in H1 2022 net profit after Zakat and tax to SAR 9.5 million, compared to SAR 12.2 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 86.90 | 97.76 | 12.5 % |
| Gross Income | 27.44 | 24.57 | (10.4 %) |
| Operating Income | 12.36 | 9.19 | (25.7 %) |
| Net Income | 12.21 | 9.48 | (22.4 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.24 | 0.19 | (22.4 %) |
The company was hit by higher raw material prices, compared to the first half of 2021. The profit decrease came despite sales growth.
Shareholders’ equity, after minority interest, rose to SAR 69.140 million as of June 30, 2022, from SAR 66.288 million a year earlier.
Selling prices have been gradually adjusted since April 2022 to overcome increased raw material prices. The selling prices of fertilizers were raised by 65% on average.
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