SABIC Agri-Nutrients Co.’s (SABIC AN) net profit plunged 66% to SAR 2.68 billion in the first nine months of 2023, from SAR 7.86 billion a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 14,774.36 | 8,061.40 | (45.4 %) |
| Gross Income | 8,795.07 | 3,294.68 | (62.5 %) |
| Operating Income | 8,149.85 | 2,636.45 | (67.7 %) |
| Net Income | 7,868.49 | 2,681.09 | (65.9 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 16.53 | 5.63 | (65.9 %) |
The lower profit was attributed to a drop of 46% year-on-year (YoY) in average product selling prices.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 4,417.17 | 2,672.29 | (39.5 %) |
| Gross Income | 2,662.27 | 1,225.68 | (54.0 %) |
| Operating Income | 2,417.70 | 1,002.04 | (58.6 %) |
| Net Income | 2,330.71 | 1,049.48 | (55.0 %) |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 4.90 | 2.20 | (55.0 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2,629.44 | 2,672.29 | 1.6 % |
| Gross Income | 931.80 | 1,225.68 | 31.5 % |
| Operating Income | 682.41 | 1,002.04 | 46.8 % |
| Net Income | 651.00 | 1,049.48 | 61.2 % |
| Average Shares | 476.04 | 476.04 | - |
| EPS (Riyals) | 1.37 | 2.20 | 61.2 % |
The third-quarter net profit slumped 55% to SAR 1.04 billion from SAR 2.33 billion in the prior-year period. The average product selling prices fell by 43% YoY.
SABIC AN’s net profit rose by 61.1% from SAR 651 million in Q2 2023, as average selling prices increased by 5% on a sequential basis.
Total shareholders’ equity, excluding minority interest, decreased to SAR 17.54 billion as of Sept. 30, 2023, from SAR 19.89 billion in the earlier-year period.
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