Financial Results : SABIC Agri-Nutrients net profit more than doubles to SAR 2.465 bln in 9M 2021

SABIC Agri-Nutrients net profit more than doubles to SAR 2.465 bln in 9M 2021

27/10/2021 Argaam Exclusive

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SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 2.465 billion in the first nine months of 2021, a rise of over twofold from SAR 1.060 billion a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 2,559.21 5,552.14 116.9 %
Gross Income 1,307.36 3,485.71 166.6 %
Operating Income 1,026.24 2,992.19 191.6 %
Net Income 1,060.84 2,465.18 132.4 %
Average Shares 416.67 476.04 14.2 %
EPS (Riyals) 2.55 5.18 103.4 %

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

 

On the other hand, the profit rise was offset by an increase in the provision for obsolete and dormant inventory and higher cost of goods sold.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 902.13 2,206.81 144.6 %
Gross Income 485.11 1,547.91 219.1 %
Operating Income 387.99 1,369.17 252.9 %
Net Income 397.53 1,206.47 203.5 %
Average Shares 416.67 476.04 14.2 %
EPS (Riyals) 0.95 2.53 165.6 %

In Q3 2021, net profit after Zakat and tax more than tripled to SAR 1.206 billion from SAR 397.5 million a year earlier, backed by a rise in the average selling prices of the company’s products.

 

When compared to the previous quarter, net profit jumped 44.2% from SAR 836.13 million.

 

Total shareholders’ equity, excluding minority interests, rose 59.8% YoY to SAR 127.58 billion as of Sept. 30, 2021.

 

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