SABIC Agri-Nutrients Co.’s (SABIC AN) net profit tumbled 71% to SAR 1.63 billion in H1 2023, from SAR 5.53 billion in H1 2022, as average product selling prices fell by 47% year-on-year (YoY).
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 10,357.19 | 5,389.11 | (48.0 %) |
| Gross Income | 6,132.80 | 2,069.00 | (66.3 %) |
| Operating Income | 5,732.15 | 1,634.41 | (71.5 %) |
| Net Income | 5,537.77 | 1,631.61 | (70.5 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 11.63 | 3.43 | (70.5 %) |
In Q2 2023, the net profit plummeted 79% to SAR 651 million from SAR 3.02 billion in the prior-year period. The average product selling prices and sales volumes dipped 52% and 3% YoY, respectively, in the three-month period.
SABIC AN’s net profit dropped by 33.6% from SAR 980.6 million in Q1 2023, as average selling prices fell by 18%.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 5,700.07 | 2,629.44 | (53.9 %) |
| Gross Income | 3,259.77 | 931.80 | (71.4 %) |
| Operating Income | 3,117.95 | 682.41 | (78.1 %) |
| Net Income | 3,024.93 | 651.00 | (78.5 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 6.35 | 1.37 | (78.5 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2,759.67 | 2,629.44 | (4.7 %) |
| Gross Income | 1,137.19 | 931.80 | (18.1 %) |
| Operating Income | 952.01 | 682.41 | (28.3 %) |
| Net Income | 980.60 | 651.00 | (33.6 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 2.06 | 1.37 | (33.6 %) |
Total shareholders’ equity, excluding minority interest, decreased to SAR 16.40 billion as of June 30, 2023, from SAR 17.76 billion in the earlier-year period.
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