MOBI posts 22% drop in H1 2022 net profit to SAR 9.5 mln

11/09/2022 Argaam Exclusive

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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.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	86.90	97.76	12.5 %
Gross Income	27.44	24.57	(10.4 %)
Operating Income	12.35	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.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	86.90	97.76	12.5 %
Gross Income	27.44	24.57	(10.4 %)
Operating Income	12.35	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 %)

Item	H2 2021	H1 2022	Change‬
Revenues	83.48	97.76	17.1 %
Gross Income	19.45	24.57	26.3 %
Operating Income	4.46	9.19	105.9 %
Net Income	3.92	9.48	141.5 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.08	0.19	141.5 %

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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