SABIC Agri-Nutrients Company logged a 63.54% year-on-year (YoY) plunge in net profit to SAR 3.65 billion during 2023 from SAR 10.03 billion.

Revenues dropped 41.87% YoY to SAR 11.03 billion last year from SAR 18.98 billion in 2022, according to the annual financial results.

The earnings per share (EPS) reached SAR 7.69 in 2023, down from SAR 21.08 a year earlier.

Quarterly Results

During the fourth quarter (Q4) of 2023, SABIC’s net income declined by 55% YoY to SAR 978 million, against SAR 2.16 billion in the same period of 2022.

Revenues tumbled 29% YoY to SAR 2.97 billion in Q4-2023 from SAR 4.20 billion the year before.

Quarter-on-quarter (QoQ), the net income shrank by 7% from SAR 1.04 billion in Q3-2023.

It is worth noting that SABIC’s net profit registered SAR 2.68 billion in the first nine months (9M) of 2023, a 65.92% YoY decline from SAR 7.86 billion.

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