SABIC Agricultural Nutrients Company achieved a 494% increase in net profits for the first quarter of 2022 to reach 2.513 billion riyals, compared to profits of 423 million riyals recorded by the company during the same period in 2021.
According to Arab Net, the company clarified in a statement on Saudi Tadawul today, Tuesday, that the reason for the increase in profits during the first quarter of this year compared to the same quarter of the previous year is due to the increase in the quantities sold of the company's products, as well as the average increase in profits. Selling prices of the company's products.
The company attributed the reason for the decline in profits during the first quarter of 2022 compared to the previous quarter to the increase in selling and distribution expenses, in addition to an increase in general and administrative expenses.
The company pointed out that starting from January 1, 2022, SABIC agricultural nutrients became the marketer of its products, which affected the company's financial performance by increasing revenues and increasing selling and distribution expenses, as SABIC was the marketer of the company's products previously.
In addition, due to the effects of the repercussions of Covid-19, selling and distribution expenses have increased at the global level.
