SABIC Agri-Nutrients (SABIC AN) (2020) accumulated a net income of SAR 705 million in the second quarter of the year, marking an 8.3% YoY rise from the same period last year.
Details
The company, founded in 1965 as the Kingdom’s first petrochemical producer, attributed its profit surge to a hike in quarterly revenues.
This was driven by high sales volumes and an uptick in financial revenues.
Despite the 8.3% increase, SABIC AN notes growth in its bottom line was hindered by an increase in its cost of sales.
So what
SABIC Agri-Nutrients saw its sales in the second quarter of this year jump to SAR 2.67 billion.
This compares to SAR 2.62 billion during the same period in 2023.
It is noteworthy that “SABIC” holds a 50.1% stake in the company.
Some context
SABIC Agri-Nutrients’ net profits fell 5.3% YoY in H1 2024 to SAR 1.54 billion.
This comes on the back of a decline in revenues resulting from lower average selling prices.
