SABIC Agri-Nutrients H1 2022 net profit soars to SAR 5.538 bln; Q2 at SAR 3.025 bln

SABIC Agri-Nutrients Co. posted a net profit after Zakat and tax of SAR 5.538 billion in the first half of 2022, compared to SAR 1.259 billion in the year-earlier period.

The profit surge was spurred by higher sales volumes and average selling prices of the company’s products.

The second-quarter net profit after Zakat and tax more than tripled to SAR 3.025 billion from SAR 836.13 million a year earlier, thanks to higher sales volumes and average selling prices of the company’s products. This came despite an increase in selling and distribution expenses.

On a sequential basis, the fertilizer producer’s net profit leapt 20.4% from SAR 2.512 billion in Q1 2022.

Total shareholders’ equity, after minority interest, rose to SAR 17.765 billion as of June 30, 2022, from SAR 11.597 billion a year before.

On Jan. 1, 2022, SABIC Agri-Nuitrents started marketing its own products, which, in turn, boosted its revenue and raised selling and distribution costs. Earlier, petrochemicals producer, SABIC, was the marketer of the company’s products.

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