SABIC Agri-Nutrients Co, a fertilizers manufacturer based in Saudi Arabia, reported a significant decline in its Q1 2023 profit to $261.5 million (SAR 981 million), as disclosed in a bourse filing. The decrease was attributed to a decline in average selling prices. The company's profit dropped by around 61% compared to the previous year.
In Q1-23, the Saudi firm's revenues suffered a significant decline of 40.73% from SAR 4.65 billion to SAR 2.76 billion, as reported in their interim consolidated financial results. The earnings per share (EPS) also took a hit, dropping from SAR 5.28 in Q1-22 to SAR 2.06. Looking at a quarterly basis, the Q1-23 net profits after Zakat and tax saw a decrease of 54.75% from SAR 2.16 billion in Q4-22, while the revenues experienced a drop of 34.38% from SAR 4.20 billion.
Why it matters
In 2022, SABIC Agri-Nutrients Co witnessed a remarkable surge in its full-year net profit, soaring by 92% year-on-year to reach $2.7 billion (SAR 10.3 billion). This impressive increase can be attributed to the company's higher sales volume and prices. Additionally, SABIC Agri-Nutrients disbursed cash dividends amounting to SAR 3.80 billion for H2 2022 in April of that year.