SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.258 billion in the first half of 2021, an increase of 90% from SAR 663.3 million in the same period a year ago.
The company attributed the profit rise to higher average selling prices of its products.
This was partially offset by increase in the provision for obsolete and dormant inventory, and Zakat and income tax provisions.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 1,657.08 | 3,345.33 | 101.9 % |
| Gross Income | 822.25 | 1,937.80 | 135.7 % |
| Operating Income | 638.25 | 1,623.03 | 154.3 % |
| Net Income | 663.30 | 1,258.71 | 89.8 % |
| Average Shares | 416.67 | 476.04 | 14.2 % |
| EPS (Riyals) | 1.59 | 2.64 | 66.1 % |
In Q2 2021, SABIC Agri-Nutrients posted a more than twofold increase year-on-year (YoY) in net profit to SAR 836.13 million, backed by higher average selling prices of its products.
On a sequential basis, Q2 net profit surged 97.8% on lower Zakat and income tax provisions.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 928.71 | 1,838.98 | 98.0 % |
| Gross Income | 454.31 | 1,122.98 | 147.2 % |
| Operating Income | 359.95 | 951.22 | 164.3 % |
| Net Income | 359.80 | 836.13 | 132.4 % |
| Average Shares | 416.67 | 476.04 | 14.2 % |
| EPS (Riyals) | 0.86 | 1.76 | 103.4 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 1,506.35 | 1,838.98 | 22.1 % |
| Gross Income | 814.82 | 1,122.98 | 37.8 % |
| Operating Income | 671.81 | 951.22 | 41.6 % |
| Net Income | 422.58 | 836.13 | 97.9 % |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 0.89 | 1.76 | 97.9 % |
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