Riyadh, Saudi Arabia — SABIC Agri-Nutrients (SABIC AN) has posted a 71 percent drop in its first-half profit to SAR 1.63 billion ($426 million), from SAR 5.53 billion in the same period last year.
In a Tadawul disclosure, the company attributed the drop in profit to a decrease in average selling prices of company’s products by 47 percent and a drop in sales volumes by 2 percent.
In Q2 2023, the net profit plummeted 79 percent to SAR 651 million from SAR 3.02 billion in the prior-year period. The average product selling prices and sales volumes dipped 52 percent and 3 percent YoY, respectively, in the three-month period.
The company’s net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent, which was offset by a 16 percent increase in sales volume.
Decrease in average selling prices of company’s products by 18 percent which was mitigated by the increase of quantities sold of company’s products by 16 percent.
Total shareholders’ equity, excluding minority interest, decreased to SAR 16.40 billion as of June 30, 2023, from SAR 17.76 billion in the earlier-year period.