SABIC Agri-Nutrients H1 2022 net profit soars to SAR 5.538 bln; Q2 at SAR 3.025 bln

04/08/2022 Argaam Exclusive

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SABIC Agri-Nutrients Co. posted a net profit after Zakat and tax of SAR 5.538 billion in the first half of 2022, compared to SAR 1.259 billion in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	3,345.33	10,357.19	209.6 %
Gross Income	1,937.80	6,132.80	216.5 %
Operating Income	1,623.03	5,732.15	253.2 %
Net Income	1,258.71	5,537.77	340.0 %
Average Shares	476.04	476.04	-
EPS (Riyals)	2.64	11.63	340.0 %

The profit surge was spurred by higher sales volumes and average selling prices of the company’s products.

The second-quarter net profit after Zakat and tax more than tripled to SAR 3.025 billion from SAR 836.13 million a year earlier, thanks to higher sales volumes and average selling prices of the company’s products. This came despite an increase in selling and distribution expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1,838.98	5,700.07	210.0 %
Gross Income	1,122.98	3,259.77	190.3 %
Operating Income	951.22	3,117.95	227.8 %
Net Income	836.13	3,024.93	261.8 %
Average Shares	476.04	476.04	-
EPS (Riyals)	1.76	6.35	261.8 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	4,657.12	5,700.07	22.4 %
Gross Income	2,873.03	3,259.77	13.5 %
Operating Income	2,614.20	3,117.95	19.3 %
Net Income	2,512.84	3,024.93	20.4 %
Average Shares	476.04	476.04	-
EPS (Riyals)	5.28	6.35	20.4 %

On a sequential basis, the fertilizer producer’s net profit leapt 20.4% from SAR 2.512 billion in Q1 2022.

Total shareholders’ equity, after minority interest, rose to SAR 17.765 billion as of June 30, 2022, from SAR 11.597 billion a year before.

On Jan. 1, 2022, SABIC Agri-Nuitrents started marketing its own products, which, in turn, boosted its revenue and raised selling and distribution costs. Earlier, petrochemicals producer, SABIC, was the marketer of the company’s products.

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