SABIC Agri-Nutrients 9M 2022 profit surges to SAR 7.868 bln, Q3 up 93% to SAR 2.331 bln

26/10/2022 Argaam Exclusive

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SABIC Agri-Nutrients Co.’s net profit after Zakat and tax more than doubled to SAR 7.868 billion in the first nine months of 2022, compared to SAR 2.465 billion in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	5,552.14	14,774.36	166.1 %
Gross Income	3,485.71	8,795.07	152.3 %
Operating Income	2,992.19	8,149.85	172.4 %
Net Income	2,465.18	7,868.49	219.2 %
Average Shares	476.04	476.04	-
EPS (Riyals)	5.18	16.53	219.2 %

The profit increase was attributed to higher sales volume and average selling prices, despite an increase in selling and distribution expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	2,206.81	4,417.17	100.2 %
Gross Income	1,547.91	2,662.27	72.0 %
Operating Income	1,369.17	2,417.70	76.6 %
Net Income	1,206.47	2,330.71	93.2 %
Average Shares	476.04	476.04	-
EPS (Riyals)	2.53	4.90	93.2 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	5,700.07	4,417.17	(22.5 %)
Gross Income	3,259.77	2,662.27	(18.3 %)
Operating Income	3,117.95	2,417.70	(22.5 %)
Net Income	3,024.93	2,330.71	(22.9 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	6.35	4.90	(22.9 %)

In Q3 2022, the net profit after Zakat and tax saw a 93% increase to SAR 2.331 billion, from SAR 1.206 billion in the year before.

On a sequential basis, the company’s net profit fell 23% from SAR 3.025 billion in Q2 2022 on lower quantities sold and average selling prices.

Shareholders’ equity, after minority interest, rose to SAR 20.158 billion as of Sept. 30, 2022, from SAR 12.758 billion in the year-earlier period.

On Jan. 1, SABIC Agri-Nuitrents became the marketer for own products, which, in turn, impacted the company’s financial performance due to higher revenue and logistics costs.

During Q3, the company started the scheduled turnaround for Al Bayroni plant, as disclosed in annual board report for 2021.

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