SABIC Agri-Nutrients Co.’s (SABIC AN) net profit declined 5% to SAR 1.54 billion in H1 2024, from SAR 1.63 billion in H1 2023.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 5,389.11 | 5,194.00 | (3.6 %) |
| Gross Income | 2,069.00 | 1,890.00 | (8.7 %) |
| Operating Income | 1,635.00 | 1,408.00 | (13.9 %) |
| Net Income | 1,632.00 | 1,546.00 | (5.3 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 3.43 | 3.25 | (5.3 %) |
The profit decline was attributed to lower sales on a 6% decrease in average selling prices. However, this was offset by a 2% increase in sales volume.
In Q2 2024, net profit grew 8% to SAR 705 million from SAR 651 million in the prior-year period, driven by higher sales as quantities sold increased by 6% year-on-year (YoY). In addition, the company cited higher finance revenues. However, this was offset by a 4% decline in average selling prices and higher cost of sales.
SABIC AN’s Q2 2024 net profit dropped by 16.2% from SAR 840.88 million in Q1 2024 on higher cost of sales and lower average selling prices.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,629.44 | 2,676.00 | 1.8 % |
| Gross Income | 931.80 | 902.00 | (3.2 %) |
| Operating Income | 678.00 | 678.00 | - |
| Net Income | 651.00 | 705.00 | 8.3 % |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 1.37 | 1.48 | 8.3 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,517.47 | 2,676.00 | 6.3 % |
| Gross Income | 988.33 | 902.00 | (8.7 %) |
| Operating Income | 730.00 | 678.00 | (7.1 %) |
| Net Income | 840.88 | 705.00 | (16.2 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 1.77 | 1.48 | (16.2 %) |
Total shareholders’ equity, excluding minority interest, rose to SAR 17.54 billion as of June 30, 2024, from SAR 16.40 billion in the earlier-year period.
Attached Documents
| Company | Estimated | Actual | Change |
|---|---|---|---|
| YANSAB | 96.28 | 224.80 | 133.5 % |
| SASCO | 9.78 | 12.85 | 31.5 % |
| SULAIMAN ALHABIB | 522.40 | 555.03 | 6.2 % |
| SABIC AGRI-NUTRIENTS | 738.32 | 705.00 | (4.5 %) |
| SHAKER | 18.10 | 16.45 | (9.1 %) |
| CITY CEMENT | 39.98 | 27.78 | (30.5 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| YANSAB | 96.28 | 224.80 | 133.5 % |
| SASCO | 9.78 | 12.85 | 31.5 % |
| SULAIMAN ALHABIB | 522.40 | 555.03 | 6.2 % |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CITY CEMENT | 39.98 | 27.78 | (30.5 %) |
| SHAKER | 18.10 | 16.45 | (9.1 %) |
| SABIC AGRI-NUTRIENTS | 738.32 | 705.00 | (4.5 %) |
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