Riyadh, Saudi Arabia — SABIC Agri-Nutrients Company (SABIC AN) posted a net profit of SAR 3.65 billion ($973 million) for 2023, a 64% decrease from SAR 10.03 billion a year earlier.
The company attributed the profit decline to lower revenue, which fell by 42 percent year-on-year (YoY) due to a 43 percent drop in average selling prices, as well as a 59 percent decrease in share of results from an associate and joint venture, according to Argaam.
The fourth-quarter net profit slumped 55 percent to SAR 977.91 million from SAR 2.16 billion in the prior-year period.
SABIC AN’s net profit retreated by 6.8 percent from SAR 1.04 billion in Q3 2023, Argaam reported.
Total shareholders’ equity, excluding minority interest, fell to SAR 17.74 billion as of Dec. 31, 2023, from SAR 19.89 billion in the earlier-year period.
