Financial Results : SABIC Agri-Nutrients Q1 profit falls to SAR 981 mln

SABIC Agri-Nutrients Q1 profit falls to SAR 981 mln

01/05/2023 Argaam Exclusive

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SABIC Agri-Nutrients Co.’s net profit slumped 61% to SAR 981 million in Q1 2023, from SAR 2.51 billion a year earlier, as the average selling prices of the company's products declined by almost 40%. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 4,657.12 2,759.67 (40.7 %)
Gross Income 2,873.03 1,137.19 (60.4 %)
Operating Income 2,614.20 952.01 (63.6 %)
Net Income 2,512.84 980.60 (61.0 %)
Average Shares 476.04 476.04 -
EPS (Riyals) 5.28 2.06 (61.0 %)

The profit decline was attributed to a decrease in the average selling prices of company's products by almost 40%. 

 

Sequentially, the company’s net profit fell 54.8% from SAR 2.16 billion in Q4 2022, due to lower average selling prices of the company's products and a decline in sales volume.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 17 billion as of March 31, 2023, compared to SAR 18.13 billion a year earlier.

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