SABIC Agri-Nutrients Co., Riyadh, reported a nearly four-fold jump in its net profit for the year ended Dec. 31, 2021, buoyed by an increase in selling prices of its products.
Net profit after Zakat and taxes for the year soared to SR5.23 billion (approximately $1.4 billion at current exchange rates), compared to SR1.29 billion a year earlier, according to a filing to the Saudi bourse, Tadawul.
Profit per share was up from SR3.11 to SR10.98, while revenues almost tripled, reaching SR9.59 billion, up from SR3.33 billion.
However, the company said profits were capped by an increase in inventory, as well as increased general and administrative expenses and Zakat provision.
SABIC-Agri-Nutrients Co., which is 50.1 percent owned by Saudi Basic Industries Corp. (SABIC), announced last week it had inked a binding agreement to acquire a 49 percent stake in Dubai-based agri-nutrient blender and distributor ETG Inputs Holdco Ltd. in a $320 million (equivalent to SAR1.2 billion) deal (GM Jan. 28, p. 1). The deal was reached with ETG Inputs Holdco’s parent, ETC Group, also based in Dubai.