SABIC Agri-Nutrients Co.’s net profit slumped 61% to SAR 981 million in Q1 2023, from SAR 2.51 billion a year earlier, as the average selling prices of the company's products declined by almost 40%.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 4,657.12 | 2,759.67 | (40.7 %) |
| Gross Income | 2,873.03 | 1,137.19 | (60.4 %) |
| Operating Income | 2,614.20 | 952.01 | (63.6 %) |
| Net Income | 2,512.84 | 980.60 | (61.0 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 5.28 | 2.06 | (61.0 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 4,206.48 | 2,759.67 | (34.4 %) |
| Gross Income | 2,391.78 | 1,137.19 | (52.5 %) |
| Operating Income | 2,144.20 | 952.01 | (55.6 %) |
| Net Income | 2,168.28 | 980.60 | (54.8 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 4.55 | 2.06 | (54.8 %) |
The profit decline was attributed to a decrease in the average selling prices of company's products by almost 40%.
Sequentially, the company’s net profit fell 54.8% from SAR 2.16 billion in Q4 2022, due to lower average selling prices of the company's products and a decline in sales volume.
Total shareholders’ equity, excluding minority interest, stood at SAR 17 billion as of March 31, 2023, compared to SAR 18.13 billion a year earlier.
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