Financial Results : SABIC Agri-Nutrients net profit falls 12% to SAR 1.29 bln in 2020

SABIC Agri-Nutrients net profit falls 12% to SAR 1.29 bln in 2020

21/01/2021 Argaam Exclusive

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SABIC Agri-Nutrients Co. reported an annual net profit after Zakat and tax of SAR 1.29 billion for 2020, a 12% decline, from SAR 1.47 billion a year earlier. 

 

The decline in profit was driven by lower average selling prices, decreased profit share from Ibn Al-Baytar, higher Zakat provision for the current year and the reversal of Zakat provision for 2019.

 

However, the profit decline was limited by higher sales volumes.



Financials (M)

Item 2019 2020 Change‬
Revenues 3,287.58 3,327.54 1.2 %
Gross Income 1,694.03 1,665.19 (1.7 %)
Operating Income 1,328.27 1,307.97 (1.5 %)
Net Income 1,473.92 1,294.40 (12.2 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 3.54 3.11 (12.2 %)

The fourth-quarter net profit after Zakat and tax fell 32% YoY to SAR 233.56 million, due to lower quantities sold of company's products, decreased profit share in Ibn Al-Baytar, and higher Zakat provision.

 

The fall in net profit has been backed by higher average selling prices during Q4 2020.

 

When compared to previous quarter, net profit dropped 41.2%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 845.58 768.33 (9.1 %)
Gross Income 430.94 357.83 (17.0 %)
Operating Income 344.08 281.73 (18.1 %)
Net Income 343.79 233.57 (32.1 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 0.83 0.56 (32.1 %)

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