SABIC Agri-Nutrients Co.’s (SABIC AN) net profit plunged 64% to SAR 3.65 billion in 2023, from SAR 10.03 billion a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 18,980.83 | 11,033.43 | (41.9 %) |
| Gross Income | 11,186.85 | 4,597.63 | (58.9 %) |
| Operating Income | 10,294.05 | 3,782.92 | (63.3 %) |
| Net Income | 10,036.76 | 3,659.45 | (63.5 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 21.08 | 7.69 | (63.5 %) |
The company attributed the profit decline to lower revenue, which fell by 42% year-on-year (YoY) due to a 43% drop in average selling prices, as well as a 59% decrease in share of results from an associate and joint venture.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 4,206.48 | 2,972.03 | (29.3 %) |
| Gross Income | 2,391.78 | 1,302.95 | (45.5 %) |
| Operating Income | 2,144.20 | 1,146.47 | (46.5 %) |
| Net Income | 2,168.28 | 978.36 | (54.9 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 4.55 | 2.06 | (54.9 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,672.29 | 2,972.03 | 11.2 % |
| Gross Income | 1,225.68 | 1,302.95 | 6.3 % |
| Operating Income | 1,002.04 | 1,146.47 | 14.4 % |
| Net Income | 1,049.48 | 978.36 | (6.8 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 2.20 | 2.06 | (6.8 %) |
The fourth-quarter net profit slumped 55% to SAR 977.91 million from SAR 2.16 billion in the prior-year period.
SABIC AN’s net profit retreated by 6.8% from SAR 1.04 billion in Q3 2023.
Total shareholders’ equity, excluding minority interest, fell to SAR 17.74 billion as of Dec. 31, 2023, from SAR 19.89 billion in the earlier-year period.
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