Financial Results : SABIC Agri-Nutrients H1 2021 profit up 90% to SAR 1.258 bln

SABIC Agri-Nutrients H1 2021 profit up 90% to SAR 1.258 bln

03/08/2021 Argaam Exclusive

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SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.258 billion in the first half of 2021, an increase of 90% from SAR 663.3 million in the same period a year ago.

 

The company attributed the profit rise to higher average selling prices of its products.

 

This was partially offset by increase in the provision for obsolete and dormant inventory, and Zakat and income tax provisions.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,657.08 3,345.33 101.9 %
Gross Income 822.25 1,937.80 135.7 %
Operating Income 638.25 1,623.03 154.3 %
Net Income 663.30 1,258.71 89.8 %
Average Shares 416.67 476.04 14.2 %
EPS (Riyals) 1.59 2.64 66.1 %

In Q2 2021, SABIC Agri-Nutrients posted a more than twofold increase year-on-year (YoY) in net profit to SAR 836.13 million, backed by higher average selling prices of its products.

 

On a sequential basis, Q2 net profit surged 97.8% on lower Zakat and income tax provisions.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 928.71 1,838.98 98.0 %
Gross Income 454.31 1,122.98 147.2 %
Operating Income 359.95 951.22 164.3 %
Net Income 359.80 836.13 132.4 %
Average Shares 416.67 476.04 14.2 %
EPS (Riyals) 0.86 1.76 103.4 %

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