SABIC AN profit falls 5% to SAR 1.54B in H1 2024; Q2 at SAR 705M

28/07/2024 Argaam Exclusive

SABIC Agri-Nutrients Co.’s (SABIC AN) net profit declined 5% to SAR 1.54 billion in H1 2024, from SAR 1.63 billion in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 5,389.11 5,193.58 (3.6 %)
Gross Income 2,069.00 1,890.00 (8.7 %)
Operating Income 1,634.41 1,432.34 (12.4 %)
Net Income 1,631.61 1,546.22 (5.2 %)
Average Shares 476.04 476.04 -
EPS (Riyals) 3.43 3.25 (5.2 %)

The profit decline was attributed to lower sales on a 6% decrease in average selling prices. However, this was offset by a 2% increase in sales volume.

 

In Q2 2024, net profit grew 8% to SAR 705 million from SAR 651 million in the prior-year period, driven by higher sales as quantities sold increased by 6% year-on-year (YoY). In addition, the company cited higher finance revenues. However, this was offset by a 4% decline in average selling prices and higher cost of sales.

 

SABIC AN’s Q2 2024 net profit dropped by 16.2% from SAR 840.88 million in Q1 2024 on higher cost of sales and lower average selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2,629.44 2,676.11 1.8 %
Gross Income 931.80 901.67 (3.2 %)
Operating Income 682.41 659.69 (3.3 %)
Net Income 651.00 705.34 8.3 %
Average Shares 476.04 476.04 -
EPS (Riyals) 1.37 1.48 8.3 %

Total shareholders’ equity, excluding minority interest, rose to SAR 17.54 billion as of June 30, 2024, from SAR 16.40 billion in the earlier-year period.

 

Attached Documents

 

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Share Price

SABIC Agri-Nutrients Co.
112.00
1.20 1.08 %

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

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Financial Ratios
Current
Market Cap (M Riyal) 53,316.48
Enterprise Value (EV) (M) 43,645.36
Shares Outstanding ((M)) 476.04
EPS ( Riyal) (TTM) 7.04
Book Value (BV) ( Riyal) 39.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.31
P/E (TTM) 15.91
Price/book 2.86
Return on Average Assets (%) (TTM) 13.7
Return on Average Equity (%) (TTM) 18.5
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