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 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	1,506.35	1,838.98	22.1 %
Gross Income	814.82	1,122.98	37.8 %
Operating Income	671.81	951.22	41.6 %
Net Income	422.58	836.13	97.9 %
Average Shares	476.04	476.04	-
EPS (Riyals)	0.89	1.76	97.9 %

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