SABIC Agri-Nutrients Co. Ltd., Riyadh, reported a 61% decline in net profit after Zakat and tax to SR981 million (approximately $263.1 million at current exchange rates) for the first quarter ended March 31, 2023, down from the year-ago SR2.51 billion, according to a company filing to Saudi Arabia’s Tadawul stock exchange.
The company saw comprehensive net income for the quarter fall to SR966 million from SR2.58 billion a year ago, while profit per share fell to SR2.06 from SR5.28.
First sales totaled SR2.76 billion, a 41% drop on the prior-year’s SR4.66 billion.
SABIC Agri-Nutrients attributed the profits and sales downturn to “an almost 40%” decrease in the average selling prices of the company’s products compared with a year ago.
Its fully owned subsidiaries include National Chemical Fertilizer Co. (Ibn Al-Baytar) and SABIC Agri-Nutrients Investments Co. It also owns a 50% stake in Al-Jubail Fertilizer Co. (Al Bayroni), and a 33.33% holding in Bahrain-based nitrogen fertilizer producer Gulf Petrochemicals Industries Co. (GPIC). Its product portfolio includes ammonia, urea, DAP, and specialized fertilizer.
SABIC Agri-Nutrients Co. last month completed the procedures to acquire 49% of the share capital of Dubai-based agri-nutrient blender and distributor ETG Inputs Holdco Ltd. (GM April 14, p. 25). It also owns minority interests in Yanbu National Petrochemical Co. (1.69%) and in Arabian Industrial Fibers Co. (3.87%).
SABIC Agri-Nutrients Co. is 50.1% owned by Saudi Basic Industries Corp. (SABIC).