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  • 28-02-23

    SABIC Agri-Nutrients’ net profit surges 92 percent reaching USD2.67bn last year

    (MENAFN) SABIC Agri-Nutrients recorded SR10.03 billion (USD2.67 billion) net income last year, seeing a 92 percent expansion on a yearly basis, motivated by greater average selling prices as well as sales capacities, in line with a bourse filing.

    The firm, on the other hand, pointed out in a filing to Tadawul that the income was affected by the surge in general and administrative spending, in addition to a rise in trading and delivery costs.

    The net income of SABIC Agri-Nutrients following Zakat and tax in the fourth quarter of last year, however, declined by 22 percent to SR22.6 billion, versus the same time span of the last year.

    While in comparison with the third quarter of last year, the company net profit in the fourth quarter saw a drop of 7 percent.

    This comes as stockholders’ equity, following minority interest, surged to SR19.89 billion as of Dec. 31, 2022, from SR15.55 billion last year.

    SABIC Agri-Nutrients, previously known as Saudi Arabian Fertilizers Co., took over marketing its outputs from Saudi Basic Industries Corp.

    MENAFN28022023000045014228ID1105667746

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