SABIC AN profit falls 5% to SAR 1.54B in H1 2024; Q2 at SAR 705M

28/07/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	5,389.11	5,193.58	(3.6 %)
Gross Income	2,069.00	1,890.00	(8.7 %)
Operating Income	1,634.41	1,432.34	(12.4 %)
Net Income	1,631.61	1,546.22	(5.2 %)
Average Shares	476.04	476.04	-
Earnings Per Share before unusual items	3.43	3.25	(5.2 %)
EPS (Riyals)	3.43	3.25	(5.2 %)

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.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2,629.44	2,676.11	1.8 %
Gross Income	931.80	901.67	(3.2 %)
Operating Income	682.41	659.69	(3.3 %)
Net Income	651.00	705.34	8.3 %
Average Shares	476.04	476.04	-
Earnings Per Share before unusual items	1.37	1.48	8.3 %
EPS (Riyals)	1.37	1.48	8.3 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	2,517.47	2,676.11	6.3 %
Gross Income	988.33	901.67	(8.8 %)
Operating Income	772.64	659.69	(14.6 %)
Net Income	840.88	705.34	(16.1 %)
Average Shares	476.04	476.04	-
Earnings Per Share before unusual items	1.77	1.48	(16.1 %)
EPS (Riyals)	1.77	1.48	(16.1 %)

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.

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