The financial statements of SABIC Agricultural Nutrients Company revealed that the company's profits in the third quarter increased by a large percentage of 93.3% to reach 2.33 billion riyals, compared to 1.21 billion riyals, profits for the same period last year.
SABIC Agricultural Nutrients said in a statement to the Saudi Stock Exchange (Tadawul) today, Wednesday, that the increase in profits during the comparison periods is mainly due to the increase in the quantities sold for the company's products, and the increase in the average selling prices of products. The impact of this increase was limited by the increase in selling and distribution expenses.
The total revenues of SABIC for agricultural nutrients in the third quarter of this year amounted to about 4.42 billion riyals, compared to 2.21 billion riyals in the same period of the previous year, an increase in total revenues by 100.1%.
On the other hand, SABIC Agricultural Nutrients Company achieved profits of 7.87 billion riyals in the first nine months of this year, an increase of 219.2% over its counterpart last year, which amounted to about 2.47 billion riyals for the same period.
The company's total shareholders' equity jumped by 58% to reach 20.16 billion riyals, as on September 30, 2022, compared to 12.76 billion riyals in the same period in 2021, while earnings per share during the comparison periods increased from 5.18 riyals to 16.53 riyals.
