Saudi: SABIC Agri-Nutrients logs $261.5mln profits in Q1-23

The net profits after zakat and tax of SABIC Agri-Nutrients Company reached SAR 981 million in the first quarter (Q1) of 2023, lower by 60.96% year-on-year (YoY) than SAR 2.51 billion.

The Saudi firm posted revenues valued at SAR 2.76 billion in Q1-23, an annual plunge of 40.73% from SAR 4.65 billion, according to the interim consolidated financial results.

Earnings per share (EPS) plummeted to SAR 2.06 as of 31 March 2023 from SAR 5.28 in Q1-22.

On a quarterly basis, the Q1-23 net profits after Zakat and tax shrank by 54.75% from SAR 2.16 billion in Q4-22, while the revenues dropped by 34.38% from SAR 4.20 billion.

Last April, SABIC Agri-Nutrients disbursed cash dividends worth SAR 3.80 billion for the second half (H2) of 2022.

The Tadawul-listed firm registered net profits after Zakat and tax worth SAR 10.03 billion last year, a 91.98% hike from SAR 5.22 billion in 2021.