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Saudi Arabian fertilizers maker SABIC Agri-Nutrients Co.'s full-year 2022 net profit nearly doubled to 10 billion riyals ($2.7 million) as the company sold more products for higher prices.
The net profit beats analysts' mean estimate of SAR9.86 billion, according to Refinitiv data.
Sales revenue also nearly doubled to SAR19 billion, the company said in a regulatory disclosure on the Saudi Stock Exchange (Tadawul) on Monday.
The company said profit was offset by higher zakat provisions and increase in general and administrative expenses.
SABIC Agri-Nutrients, which was previously named Saudi Arabian Fertilizers Company, took over the marketing its products from Saudi Basic Industries Corp (SABIC) last year which added to selling and distribution expenses.
(Reporting by Brinda Darasha; editing by Seban Scaria)
