SABIC Agricultural Nutrients Company recorded a 203.49% increase in profits, after zakat and tax, to reach 1.206 billion riyals in the third quarter of 2021, compared to 379.53 million riyals in the same period of the previous year.
According to Arabia Net, on a quarterly basis, the company's profits rose by 44.29% in the third quarter, compared to profits of 836.13 million riyals in the second quarter of 2021.
The company said in a statement to Saudi Arabia's Tadawul, today, Wednesday, that the reason for the increase in the company's net profits during the current quarter compared to the same quarter of the previous year is due to the high Average selling prices of the company's products.
It was stated that the higher prices had limited the effect of the higher cost of sales.
SABIC's nutrient data showed that net profits during the first nine months of this year recorded 2.465 billion riyals, compared to 1.06 billion riyals in the same period of 2020.
The company's sales increased by 116.94% during 9 months, recording 5.552 billion riyals, compared to 2.559 billion riyals in the comparable period of the previous year.
