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.
| 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.
| 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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