SABIC Agri-Nutrients Co. posted a net profit after Zakat and tax of SAR 5.538 billion in the first half of 2022, compared to SAR 1.259 billion in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 3,345.33 | 10,357.19 | 209.6 % |
| Gross Income | 1,937.80 | 6,132.80 | 216.5 % |
| Operating Income | 1,623.03 | 5,732.15 | 253.2 % |
| Net Income | 1,258.71 | 5,537.77 | 340.0 % |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 2.64 | 11.63 | 340.0 % |
The profit surge was spurred by higher sales volumes and average selling prices of the company’s products.
The second-quarter net profit after Zakat and tax more than tripled to SAR 3.025 billion from SAR 836.13 million a year earlier, thanks to higher sales volumes and average selling prices of the company’s products. This came despite an increase in selling and distribution expenses.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 1,838.98 | 5,700.07 | 210.0 % |
| Gross Income | 1,122.98 | 3,259.77 | 190.3 % |
| Operating Income | 951.22 | 3,117.95 | 227.8 % |
| Net Income | 836.13 | 3,024.93 | 261.8 % |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 1.76 | 6.35 | 261.8 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 4,657.12 | 5,700.07 | 22.4 % |
| Gross Income | 2,873.03 | 3,259.77 | 13.5 % |
| Operating Income | 2,614.20 | 3,117.95 | 19.3 % |
| Net Income | 2,512.84 | 3,024.93 | 20.4 % |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 5.28 | 6.35 | 20.4 % |
On a sequential basis, the fertilizer producer’s net profit leapt 20.4% from SAR 2.512 billion in Q1 2022.
Total shareholders’ equity, after minority interest, rose to SAR 17.765 billion as of June 30, 2022, from SAR 11.597 billion a year before.
On Jan. 1, 2022, SABIC Agri-Nuitrents started marketing its own products, which, in turn, boosted its revenue and raised selling and distribution costs. Earlier, petrochemicals producer, SABIC, was the marketer of the company’s products.
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