RIYADH, SAUDI ARABIA – SABIC Agri-Nutrients said third quarter net profit fell 55 percent to US$280 million (SAR1.05 billion) from US$621 million (SAR 2.33 billion) a year earlier.
Saudi petrochemical giant SABIC owns 50.1 percent of SABIC Agri-Nutrients.
Revenue fell 40 percent year-on-year (YoY) to US$712 million (SAR2.67 billion) in the three months ended September 30, 2023.
Net profit dropped 66 percent to US$714 million (SAR 2.68 billion) in the first nine months of 2023 compared to US$2 billion (SAR 7.86 billion) a year before.
SABIC Agri-Nutrients said that global demand and winter energy supply with lower-than-expected Chinese export volumes will support the urea market in the fourth quarter.
Healthy demand from major importers in the Americas, Africa, and Europe ahead of the new-crop planting season will help global trade.
