Dubai, UAE–Saudi Arabia’s SABIC Agri-Nutrients Company has reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
The company, formerly known as Saudi Arabian Fertilizer Company, said in a bourse filing that its sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
The company said that the increase in net profit was due to an increase in average selling prices of company’s products, increase in quantities sold of company products.
But the increase in the profit has been limited by an increase in general and administrative expenses, selling and distribution expenses, and Zakat provision, due to an increase in the sales revenue, it added.
Also, the bourse filing said that selling and distribution expenses increased after SABIC Agri Nutrients started to sell its own products from Jan 1, 2022.