SABIC Agri-Nutrients FY 2023 profit drops 64% to $976mln

SABIC Agri-Nutrients Company said net income fell 64% to 3.66 billion Saudi riyals ($976 million) in 2023, compared to SAR 10.04 billion in 2022.

Revenue stood at SAR 11.03 billion last year, a decline of 42% year-on-year (YoY), driven primarily by average selling price dropping by 43% YoY.

Net income for the fourth quarter of 2023 slumped 55% to SAR 978 million, compared to SAR 2.17 billion achieved during the same quarter of 2022. Net income fell 7% quarter-on-quarter.

The SABIC subsidiary’s revenue declined 29% YoY to SAR 2.97 billion in the quarter ended December 31, 2023.

The average sales prices fell by 33% YoY, while sales volume increased by 5% YoY in the fourth quarter of 2023.

In December 2023, the company’s board of directors approved a 30% cash dividend, or SAR 1.42 billion, for the second half of 2023.        

(Editing by Brinda Darasha; brinda.darasha@lseg.com)