Sabic Agri-Nutrients Co.announces its interim consolidated financial results for the period ending on 30-06-2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,676 | 2,629 | 1.787 | 2,517 | 6.317 |
| Gross Profit (Loss) | 902 | 932 | -3.218 | 988 | -8.704 |
| Operational Profit (Loss) | 678 | 678 | - | 730 | -7.123 |
| Net profit (Loss) | 705 | 651 | 8.294 | 841 | -16.171 |
| Total Comprehensive Income | 613 | 728 | -15.796 | 874 | -29.862 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 5,194 | 5,389 | -3.618 |
| Gross Profit (Loss) | 1,890 | 2,069 | -8.651 |
| Operational Profit (Loss) | 1,408 | 1,635 | -13.883 |
| Net profit (Loss) | 1,546 | 1,632 | -5.269 |
| Total Comprehensive Income | 1,487 | 1,693 | -12.167 |
| Total Shareholders Equity (after Deducting Minority Equity) | 17,546 | 16,407 | 6.942 |
| Profit (Loss) per Share | 3.25 | 3.43 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reasons of increase in sales/ revenue for the current quarter compared to the same quarter last year:
• increase in sold quantities for the company by 6%.
This increase was limited by:
• Decrease in average selling prices by 4%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reasons of increase in net profit for the current quarter compared to the same quarter last year:
• Increase in the revenue due to increase in sold quantities • Increase in finance income
This increase was limited by:
• Higher cost of sales. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reasons of increase in sales/ revenue for the current quarter compared with previous quarter:
• Increase in sold quantities for the company by 25% as a result of the completion of scheduled Turnaround of the company's third plant for the production of urea and ammonia during the previous quarter.
This increase was limited by:
• Decrease in average selling prices by 15%. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reasons of decrease in net profit for the current quarter compared to the previous quarter:
• Higher cost of sales driven by higher sold quantities.
This decrease was limited by:
• Increase in revenues driven by higher sold quantities. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reasons of decrease in revenue for the current period compared with previous period:
• Decrease in average selling prices by 6%
This decrease was limited by:
• Increase in sold quantities by 2%. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reasons of decrease in net profit for the current period compared same period last year:
• Decrease in revenues due to lower average selling prices. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | NA |
| Reclassification of Comparison Items | NA |
| Additional Information | * Income after zakat and income tax and net comprehensive income attributes to the parent company.
* During the quarter ended 30 June 2024, the purchase price allocation (“PPA”) exercise was completed to determine the fair value of the net identifiable assets attributed to the acquisition of the joint venture (investment in 49% of the share capital of ETG Inputs Holdco limited) and the resulting adjustment have been reflected in the interim condensed consolidated financial statements of the second quarter according to the accounting standards endorsed in the Kingdom of Saudi Arabia. *Attached Q2-2024 earnings release . |
| Attached Documents |
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