SABIC Agri-Nutrients Co. reported an annual net profit after Zakat and tax of SAR 1.29 billion for 2020, a 12% decline, from SAR 1.47 billion a year earlier.
The decline in profit was driven by lower average selling prices, decreased profit share from Ibn Al-Baytar, higher Zakat provision for the current year and the reversal of Zakat provision for 2019.
However, the profit decline was limited by higher sales volumes.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 3,287.58 | 3,327.54 | 1.2 % |
| Gross Income | 1,694.03 | 1,665.19 | (1.7 %) |
| Operating Income | 1,328.27 | 1,307.97 | (1.5 %) |
| Net Income | 1,473.92 | 1,294.40 | (12.2 %) |
| Average Shares | 416.67 | 416.67 | - |
| EPS (Riyals) | 3.54 | 3.11 | (12.2 %) |
The fourth-quarter net profit after Zakat and tax fell 32% YoY to SAR 233.56 million, due to lower quantities sold of company's products, decreased profit share in Ibn Al-Baytar, and higher Zakat provision.
The fall in net profit has been backed by higher average selling prices during Q4 2020.
When compared to previous quarter, net profit dropped 41.2%.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 845.58 | 768.33 | (9.1 %) |
| Gross Income | 430.94 | 357.83 | (17.0 %) |
| Operating Income | 344.08 | 281.73 | (18.1 %) |
| Net Income | 343.79 | 233.57 | (32.1 %) |
| Average Shares | 416.67 | 416.67 | - |
| EPS (Riyals) | 0.83 | 0.56 | (32.1 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 902.13 | 768.33 | (14.8 %) |
| Gross Income | 485.11 | 357.83 | (26.2 %) |
| Operating Income | 387.99 | 281.73 | (27.4 %) |
| Net Income | 397.53 | 233.57 | (41.2 %) |
| Average Shares | 416.67 | 416.67 | - |
| EPS (Riyals) | 0.95 | 0.56 | (41.2 %) |
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