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 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	902.13	768.33	(14.8 %)
Gross Income	485.11	357.83	(26.2 %)
Operating Income	387.99	281.73	(27.4 %)
Net Income	397.53	233.57	(41.2 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	0.95	0.56	(41.2 %)

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