The financial results of SABIC Agro-Nutrients Company revealed an increase in the company’s profits by the end of 2022 by an estimated rate of about 92%, to reach 10.037 billion riyals, compared to profits of about 5.228 billion riyals in 2021.
SABIC Agro-Nutrients Company said in a statement to the Saudi market (Tadawul) today, Monday, that the increase in annual profits is mainly due to the increase in the average selling prices of the company's products, and the increase in the quantities sold for the company's products, explaining that this increase in profits limited its increase in General and administrative expenses, selling and distribution expenses, and an increase in the zakat provision due to the increase in sales revenues.
Sales of (SABIC Agro-Nutrients) at the end of last year amounted to 18.981 billion riyals, compared to 5.592 billion riyals in 2021, an increase of approximately 98%.
Starting from January 1, 2022, (SABIC Agro-Nutrients) became the marketer for the agro-nutrient products belonging to it and its subsidiaries, which affected the company's financial performance with higher revenues and higher selling and distribution expenses, as SABIC was the marketer for the company's products previously.
It should be noted that the total equity of (SABIC Agro-Nutrients) shareholders - after excluding minority interests - amounted to 19.894 billion riyals at the end of last year, compared to 15.551 billion riyals at the end of 2021, an increase of 28%.
