SABIC AN profit dips 66% to SAR 2.68 bln in 9M 2023; Q3 at SAR 1.04 bln

30/10/2023 Argaam Exclusive

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SABIC Agri-Nutrients Co.’s (SABIC AN) net profit plunged 66% to SAR 2.68 billion in the first nine months of 2023, from SAR 7.86 billion a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	14,774.36	8,061.40	(45.4 %)
Gross Income	8,795.07	3,294.68	(62.5 %)
Operating Income	8,149.85	2,636.45	(67.7 %)
Net Income	7,868.49	2,681.09	(65.9 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	16.53	5.63	(65.9 %)

The lower profit was attributed to a drop of 46% year-on-year (YoY) in average product selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	4,417.17	2,672.29	(39.5 %)
Gross Income	2,662.27	1,225.68	(54.0 %)
Operating Income	2,417.70	1,002.04	(58.6 %)
Net Income	2,330.71	1,049.48	(55.0 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	4.90	2.20	(55.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	2,629.44	2,672.29	1.6 %
Gross Income	931.80	1,225.68	31.5 %
Operating Income	682.41	1,002.04	46.8 %
Net Income	651.00	1,049.48	61.2 %
Average Shares	476.04	476.04	-
EPS (Riyals)	1.37	2.20	61.2 %

The third-quarter net profit slumped 55% to SAR 1.04 billion from SAR 2.33 billion in the prior-year period. The average product selling prices fell by 43% YoY.

SABIC AN’s net profit rose by 61.1% from SAR 651 million in Q2 2023, as average selling prices increased by 5% on a sequential basis.

Total shareholders’ equity, excluding minority interest, decreased to SAR 17.54 billion as of Sept. 30, 2023, from SAR 19.89 billion in the earlier-year period.

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