SABIC AN profit slumps 71% to SAR 1.63 bln in H1 2023; Q2 at SAR 651 mln

01/08/2023 Argaam Exclusive

View other reports

SABIC Agri-Nutrients Co.’s (SABIC AN) net profit tumbled 71% to SAR 1.63 billion in H1 2023, from SAR 5.53 billion in H1 2022, as average product selling prices fell by 47% year-on-year (YoY).

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	10,357.19	5,389.11	(48.0 %)
Gross Income	6,132.80	2,069.00	(66.3 %)
Operating Income	5,732.15	1,634.41	(71.5 %)
Net Income	5,537.77	1,631.61	(70.5 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	11.63	3.43	(70.5 %)

In Q2 2023, the net profit plummeted 79% to SAR 651 million from SAR 3.02 billion in the prior-year period. The average product selling prices and sales volumes dipped 52% and 3% YoY, respectively, in the three-month period.

SABIC AN’s net profit dropped by 33.6% from SAR 980.6 million in Q1 2023, as average selling prices fell by 18%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	5,700.07	2,629.44	(53.9 %)
Gross Income	3,259.77	931.80	(71.4 %)
Operating Income	3,117.95	682.41	(78.1 %)
Net Income	3,024.93	651.00	(78.5 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	6.35	1.37	(78.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	2,759.67	2,629.44	(4.7 %)
Gross Income	1,137.19	931.80	(18.1 %)
Operating Income	952.01	682.41	(28.3 %)
Net Income	980.60	651.00	(33.6 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	2.06	1.37	(33.6 %)

Total shareholders’ equity, excluding minority interest, decreased to SAR 16.40 billion as of June 30, 2023, from SAR 17.76 billion in the earlier-year period.

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×