SABIC AN profit sinks 64% to SAR 3.65B in 2023; Q4 at SAR 978M

26/02/2024 Argaam Exclusive

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SABIC Agri-Nutrients Co.’s (SABIC AN) net profit plunged 64% to SAR 3.65 billion in 2023, from SAR 10.03 billion a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	18,980.83	11,033.43	(41.9 %)
Gross Income	11,186.85	4,597.63	(58.9 %)
Operating Income	10,294.05	3,782.92	(63.3 %)
Net Income	10,036.76	3,659.45	(63.5 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	21.08	7.69	(63.5 %)

The company attributed the profit decline to lower revenue, which fell by 42% year-on-year (YoY) due to a 43% drop in average selling prices, as well as a 59% decrease in share of results from an associate and joint venture.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	4,206.48	2,972.03	(29.3 %)
Gross Income	2,391.78	1,302.95	(45.5 %)
Operating Income	2,144.20	1,146.47	(46.5 %)
Net Income	2,168.28	978.36	(54.9 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	4.55	2.06	(54.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	2,672.29	2,972.03	11.2 %
Gross Income	1,225.68	1,302.95	6.3 %
Operating Income	1,002.04	1,146.47	14.4 %
Net Income	1,049.48	978.36	(6.8 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	2.20	2.06	(6.8 %)

The fourth-quarter net profit slumped 55% to SAR 977.91 million from SAR 2.16 billion in the prior-year period.

SABIC AN’s net profit retreated by 6.8% from SAR 1.04 billion in Q3 2023.

Total shareholders’ equity, excluding minority interest, fell to SAR 17.74 billion as of Dec. 31, 2023, from SAR 19.89 billion in the earlier-year period.

Attached Documents:

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