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 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	1,838.98	2,206.81	20.0 %
Gross Income	1,122.98	1,547.91	37.8 %
Operating Income	951.22	1,369.17	43.9 %
Net Income	836.13	1,206.47	44.3 %
Average Shares	476.04	476.04	-
EPS (Riyals)	1.76	2.53	44.3 %

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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