SABIC Agri-Nutrients 2022 profit soars 92% to SAR 10.03 bln, Q4 drops to SAR 2.16 bln

27/02/2023 Argaam Exclusive

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SABIC Agri-Nutrients Co.’s net profit after Zakat and tax surged 92% to SAR 10.03 billion in 2022, from SAR 5.22 billion in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	9,591.98	18,980.83	97.9 %
Gross Income	6,768.50	11,186.85	65.3 %
Operating Income	6,074.74	10,294.05	69.5 %
Net Income	5,228.02	10,036.76	92.0 %
Average Shares	476.04	476.04	-
EPS (Riyals)	10.98	21.08	92.0 %

The profit surge was driven by higher average selling prices and sales volumes.

On the other hand, general and administrative expenses, as well as selling and distribution expenses, increased. The fertilizer producer also reported higher Zakat provisions on higher sales revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	4,039.84	4,206.48	4.1 %
Gross Income	3,282.79	2,391.78	(27.1 %)
Operating Income	3,082.55	2,144.20	(30.4 %)
Net Income	2,762.84	2,168.28	(21.5 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	5.80	4.55	(21.5 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	4,417.17	4,206.48	(4.8 %)
Gross Income	2,662.27	2,391.78	(10.2 %)
Operating Income	2,417.70	2,144.20	(11.3 %)
Net Income	2,330.71	2,168.28	(7.0 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	4.90	4.55	(7.0 %)

In Q4 2022, the net profit after Zakat and tax fell by 22% to SAR 2.16 billion, from SAR 2.76 billion in the year-earlier period.

The company’s net profit dropped 7% from SAR 2.33 billion in Q3 2022.

Shareholders’ equity, after minority interest, rose to SAR 19.89 billion as of Dec. 31, 2022, from SAR 15.55 billion a year earlier.

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