Profits of “SABIC Agri-Nutrients” jump 494% to 2.513 billion riyals in the first quarter

SABIC Agri-Nutrients Company announced preliminary financial results for the period ended March 31, 2022, achieving an increase in net profit of 2.513 billion riyals, in increase of 494% compared to the 423 million riyals recorded by the company in the same period in 2021.

The company explained in a statement on “Saudi Tadawul” today, Tuesday, that the reason for the increase in profits during the first quarter of questhe year compared to the same quarter of the previous year is due to the increase in quantities sold for the company’s products, as well as the increase in the average selling prices of the company’s products.

He added that this happened despite an increase in sales and distribution expenses.

The company attributed the reason for the decline in earnings in the first quarter of 2022 compared to the previous quarter to the increase in sales and distribution expenses, as well as to the increase in general and administrative expenses.

The company has specified that as of January 1, 2022 “SABIC Agri-Nutrients” has become the marketer of its products, which has affected the performance financial company by increasing revenues and increasing sales and distribution expenses, in how SABIC was the company’s product marketer in precedence.

Furthermore, due to the effects of the repercussions of “Covid-19”, sales and distribution expenses have seen an increase globally.

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