Riyadh – Mubasher: SABIC Agri-Nutrients Company witnessed net profits after Zakat and tax worth SAR 1.63 billion, an annual plunge of 70.53% from SAR 5.53 billion.
Revenues hit SAR 5.38 billion in H1-23, lower by 47.97% year-on-year (YoY) than SAR 10.35 billion, according to the interim consolidated financial results.
Earnings per share (EPS) retreated to SAR 3.43 as of 30 June 2023 from SAR 11.63 during the same period in 2022.
Financial Results for Q2-23
During the second quarter (Q2) of 2023, the listed firm achieved SAR 651 million in net profit after Zakat and tax, marking a drop of 78.48% from SAR 3.02 billion a year earlier.
The company generated revenues valued at SAR 2.62 billion in April-June 2023, down 53.88% YoY from SAR 5.70 billion.
On a quarterly basis, the Q2-23 net profits shrank by 33.64% from SAR 981 million in Q1-23, while the revenues declined by 4.75% from SAR 2.76 billion.
Abdulrahman Shamsaddin, CEO of SABIC Agri-Nutrients, commented: "In light of pressure on prices globally and with a relative decrease in variable costs, the company continues to closely monitor changes in the global market.”
“The company has announced in this quarter the completion of the procedures to acquire a 49% stake in ETG Inputs Holdco Limited, which is one of the leading companies in the mixing and distribution activities of fertiliser products in the African market, which reflects the company’s focus on growth in the value chain,” Shamsaddin added.
It is worth highlighting that SABIC Agri-Nutrients recently paid a total of SAR 1.42 billion as cash dividends for H1-23.
