Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Uncategorized

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

SABIC AN profit falls 64%

Saudi petrochemical giant SABIC owns 50.1 percent of SABIC Agri-Nutrients. (Twitter/@SABIC)
By TRENDS Desk
February 26, 2024 5:00 pm
  • 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.
  • The fourth-quarter net profit slumped 55 percent to SAR 977.91 million from SAR 2.16 billion in the prior-year period.

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.

[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]