SABIC Agri-Nutrients Co.announces its annual consolidated financial results ending on 31-12-2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 18,981 | 9,592 | 97.88 | ||
| Gross Profit (Loss) | 11,187 | 6,507 | 71.92 | ||
| Operational Profit (Loss) | 10,338 | 5,754 | 79.67 | ||
| Net Profit (Loss) after Zakat and Tax | 10,037 | 5,228 | 91.98 | ||
| Total Comprehensive Income | 10,049 | 5,361 | 87.45 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 19,894 | 15,551 | 27.93 | ||
| Profit (Loss) per Share | 21.08 | 10.98 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reasons of increase in net profit for the current year compared with the last year:
• Increase in average selling prices of company's products.
• Increase in quantities sold of company products.
Despite the increase in net profit, it has been limited by:
• Increase in general and administrative expenses, selling and distribution expenses, and Zakat provision, due to an increase in the sales revenue. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Yes |
| Additional Information | On 1st of Jan 2022, SABIC Agri Nuitrent becomes the marketer to sell it’s own products and agri Nutrients products for the subsudaries companies which impact the company financial performance by having higher revenue and higher logistic cost which SABIC was our Marketer before.
With reference to IAS 32 and IFRS 10, and the JV Agreement between SABIC and Taiwan Fertilizer Company (TFC) signed for establishment and joint ownership of Al-Bayroni in 1979 that ends at the end of 2032 and as SABIC Agri-Nutrient Investment Company (SANIC) is the current existing partner in Al Bayron along with TFC, and reference to the Novation of the Joint Venture Agreement between SABIC, SANIC and TFC, SANIC has recognized the acquisition option of TFC share in Al Bayroni at the termination of the JV Agreement, which resulted in recording a liability as part of non-current liabilities and adjustment to retained earning with amount of SR 2.4 Billion.
Some reclassfications has been carried out to reclassfiy some cost from sales and disturbatuoin to cost of goods sold.
Net comprehensive income attributes to the parent company. |
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