SABIC AN profit drops 11% to SAR 2.37B in 9M 2024; Q3 at SAR 827M

27/10/2024 Argaam Exclusive

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SABIC Agri-Nutrients Co. (SABIC AN) reported a net profit of SAR 2.37 billion for the first nine months of 2024, a decline of 11% from SAR 2.68 billion in the prior-year period, due to lower average selling prices by 3% year-on-year (YoY) and a rise in cost of goods sold (COGS).

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	8,061.40	8,043.65	(0.2 %)
Gross Income	3,294.68	2,962.30	(10.1 %)
Operating Income	2,636.45	2,221.07	(15.8 %)
Net Income	2,681.09	2,372.73	(11.5 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	5.63	4.98	(11.5 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2,672.29	2,850.07	6.7 %
Gross Income	1,225.68	1,072.30	(12.5 %)
Operating Income	1,002.04	788.73	(21.3 %)
Net Income	1,049.48	826.52	(21.2 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	2.20	1.74	(21.2 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,676.11	2,850.07	6.5 %
Gross Income	901.67	1,072.30	18.9 %
Operating Income	659.69	788.73	19.6 %
Net Income	705.34	826.52	17.2 %
Average Shares	476.04	476.04	-
EPS (Riyals)	1.48	1.74	17.2 %

Q3 2024 net profit dropped 21% YoY to SAR 827 million on higher COGS expenses, which was offset by 7% higher revenue YoY and an increase in sales volume.

On a sequential basis, net earnings grew 17.2% from SAR 705.34 million.

Total shareholders’ equity, after minority interest, reached SAR 18.62 billion by Sept. 30, 2024, from SAR 17.54 billion a year earlier.

Attached Documents

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