SABIC logs SAR 2.3bn net profits in 9M-24 results - Mubasher Info

SABIC AGRI-NUTRIENTS
2020 -0.34% 117.40 -0.40

Riyadh – Mubasher: SABIC Agri-Nutrients Company posted net profits valued at SAR 2.37 billion in the first nine months (9M) of 2024, marking an annual drop of 11.48% from SAR 2.68 billion.

The revenues reached SAR 8.04 billion in the January-September 2024 period, down 0.21% year-on-year (YoY) from SAR 8.06 billion, according to the interim consolidated financial statements.

Meanwhile, the earnings per share (EPS) dropped to SAR 4.98 in 9M-24 from SAR 5.63 in 9M-23.

Financials for Q3-24

During the third quarter (Q3) of 2024, the Saudi group registered 21.16% YoY lower net profits at SAR 827 million, compared to SAR 1.04 billion.

Revenues witnessed an annual rise of 6.66% to SAR 2.85 billion during the three-month period that ended on 30 September 2024, versus SAR 2.67 billion.

Quarterly, the Q3-24 net profits jumped by 17.30% from the SAR 705 million generated in Q2-24, while the revenues grew by 6.50% from SAR 2.67 billion.

Fahad Al Battar, CEO and President of SABIC, said: “For the nine months ending 30 September 2024, the net income totalled SR 2,373 million, reflecting an 11% decrease from the same period last year. This was primarily due to lower average sales prices and increased cost of sales.”

“Despite this, the company demonstrated strong cash flow generation, achieving SR 1,123 million in free cash flow for Q3 and SR 2,368 million for the nine-month period,” Al Battar highlighted. 

Source: Mubasher Source: {{details.article.source}}