SABIC Agri-Nutrients H1 2021 profit up 90% to SAR 1.258 bln

03/08/2021 Argaam Exclusive

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SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.258 billion in the first half of 2021, an increase of 90% from SAR 663.3 million in the same period a year ago.

The company attributed the profit rise to higher average selling prices of its products.

This was partially offset by increase in the provision for obsolete and dormant inventory, and Zakat and income tax provisions.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	1,657.08	3,345.33	101.9 %
Gross Income	822.25	1,937.80	135.7 %
Operating Income	638.25	1,623.03	154.3 %
Net Income	663.30	1,258.71	89.8 %
Average Shares	416.67	476.04	14.2 %
EPS (Riyals)	1.59	2.64	66.1 %

In Q2 2021, SABIC Agri-Nutrients posted a more than twofold increase year-on-year (YoY) in net profit to SAR 836.13 million, backed by higher average selling prices of its products.

On a sequential basis, Q2 net profit surged 97.8% on lower Zakat and income tax provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	928.71	1,838.98	98.0 %
Gross Income	454.31	1,122.98	147.2 %
Operating Income	359.95	951.22	164.3 %
Net Income	359.80	836.13	132.4 %
Average Shares	416.67	476.04	14.2 %
EPS (Riyals)	0.86	1.76	103.4 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	1,506.35	1,838.98	22.1 %
Gross Income	814.82	1,122.98	37.8 %
Operating Income	671.81	951.22	41.6 %
Net Income	422.58	836.13	97.9 %
Average Shares	476.04	476.04	-
EPS (Riyals)	0.89	1.76	97.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	1,061.50	2.3 %	753.60	(2.8 %)	786.91	(5.5 %)	1.89
Q2 2012	1,115.96	(1.2 %)	743.75	(4.4 %)	783.93	(0.8 %)	1.88
Q3 2012	1,398.10	1.4 %	1,063.56	(1.9 %)	1,149.00	(5.1 %)	2.76
Q4 2012	1,404.84	(6.7 %)	1,047.40	(7.1 %)	1,146.38	(10.2 %)	2.75
2012	4,980.40	(1.4 %)	3,608.31	(4.2 %)	3,866.22	(5.9 %)	9.28
Q1 2013	1,177.76	11.0 %	852.82	13.2 %	931.59	18.4 %	2.24
Q2 2013	982.88	(11.9 %)	651.93	(12.3 %)	692.88	(11.6 %)	1.66
Q3 2013	1,071.88	(23.3 %)	695.40	(34.6 %)	734.01	(36.1 %)	1.76
Q4 2013	1,007.88	(28.3 %)	678.47	(35.2 %)	802.00	(30.0 %)	1.92
2013	4,240.40	(14.9 %)	2,878.62	(20.2 %)	3,160.48	(18.3 %)	7.59
Q1 2014	1,178.36	0.1 %	819.80	(3.9 %)	842.50	(9.6 %)	2.02
Q2 2014	935.77	(4.8 %)	602.24	(7.6 %)	638.99	(7.8 %)	1.53
Q3 2014	1,248.62	16.5 %	890.35	28.0 %	913.37	24.4 %	2.19
Q4 2014	1,093.39	8.5 %	754.48	11.2 %	779.18	(2.8 %)	1.87
2014	4,456.13	5.1 %	3,072.42	6.7 %	3,174.04	0.4 %	7.62
Q1 2015	962.42	(18.3 %)	603.11	(26.4 %)	589.98	(30.0 %)	1.42
Q2 2015	883.75	(5.6 %)	553.99	(8.0 %)	595.76	(6.8 %)	1.43
Q3 2015	887.43	(28.9 %)	567.64	(36.2 %)	566.15	(38.0 %)	1.36
Q4 2015	813.67	(25.6 %)	360.31	(52.2 %)	378.55	(51.4 %)	0.91
2015	3,547.27	(20.4 %)	2,085.05	(32.1 %)	2,130.43	(32.9 %)	5.11
Q1 2016	691.23	(28.2 %)	354.12	(41.3 %)	279.01	(52.7 %)	0.67
Q2 2016	709.85	(19.7 %)	329.53	(40.5 %)	302.32	(49.3 %)	0.73
Q3 2016	689.53	(22.3 %)	293.49	(48.3 %)	186.22	(67.1 %)	0.45
Q4 2016	765.32	(5.9 %)	372.09	3.3 %	268.40	(29.1 %)	0.64
2016	2,855.92	(19.5 %)	1,366.75	(34.4 %)	1,035.95	(51.4 %)	2.49
Q1 2017	846.65	22.5 %	479.52	35.4 %	423.36	51.7 %	1.02
Q2 2017	679.48	(4.3 %)	288.65	(12.4 %)	204.34	(32.4 %)	0.49
Q3 2017	617.28	(10.5 %)	268.55	(8.5 %)	188.42	1.2 %	0.45
Q4 2017	616.05	(19.5 %)	148.65	(60.1 %)	62.51	(76.7 %)	0.15
2017	2,759.46	(3.4 %)	1,199.20	(12.3 %)	878.63	(15.2 %)	2.11
Q1 2018	810.76	(4.2 %)	358.32	(25.3 %)	237.20	(44.0 %)	0.57
Q2 2018	950.31	39.9 %	499.24	73.0 %	410.46	100.9 %	0.99
Q3 2018	1,008.66	63.4 %	584.54	117.7 %	522.24	177.2 %	1.25
Q4 2018	1,090.10	77.0 %	689.15	363.6 %	568.53	809.5 %	1.36
2018	3,859.84	39.9 %	2,131.25	77.7 %	1,738.44	97.9 %	4.17
Q1 2019	718.68	(11.4 %)	378.29	5.6 %	335.47	41.4 %	0.81
Q2 2019	813.61	(14.4 %)	419.71	(15.9 %)	380.44	(7.3 %)	0.91
Q3 2019	909.71	(9.8 %)	465.08	(20.4 %)	414.21	(20.7 %)	0.99
Q4 2019	845.58	(22.4 %)	430.94	(37.5 %)	343.79	(39.5 %)	0.83
2019	3,287.58	(14.8 %)	1,694.03	(20.5 %)	1,473.92	(15.2 %)	3.54
Q1 2020	728.37	1.3 %	367.94	(2.7 %)	303.50	(9.5 %)	0.73
Q2 2020	928.71	14.1 %	454.31	8.2 %	359.80	(5.4 %)	0.86
Q3 2020	902.13	(0.8 %)	485.11	4.3 %	397.53	(4.0 %)	0.95
Q4 2020	768.33	(9.1 %)	357.83	(17.0 %)	233.57	(32.1 %)	0.56
2020	3,327.54	1.2 %	1,665.19	(1.7 %)	1,294.40	(12.2 %)	3.11
Q1 2021	1,506.35	106.8 %	814.82	121.5 %	422.58	39.2 %	0.89
Q2 2021	1,838.98	98.0 %	1,122.98	147.2 %	836.13	132.4 %	1.76

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	5,051.24	33.3 %	3,765.26	40.0 %	4,109.76	27.1 %	9.86
2012	4,980.40	(1.4 %)	3,608.31	(4.2 %)	3,866.22	(5.9 %)	9.28
2013	4,240.40	(14.9 %)	2,878.62	(20.2 %)	3,160.48	(18.3 %)	7.59
2014	4,456.13	5.1 %	3,072.42	6.7 %	3,174.04	0.4 %	7.62
2015	3,547.27	(20.4 %)	2,085.05	(32.1 %)	2,130.43	(32.9 %)	5.11
2016	2,855.92	(19.5 %)	1,366.75	(34.4 %)	1,035.95	(51.4 %)	2.49
2017	2,759.46	(3.4 %)	1,199.20	(12.3 %)	878.63	(15.2 %)	2.11
2018	3,859.84	39.9 %	2,131.25	77.7 %	1,738.44	97.9 %	4.17
2019	3,287.58	(14.8 %)	1,694.03	(20.5 %)	1,473.92	(15.2 %)	3.54
2020	3,327.54	1.2 %	1,665.19	(1.7 %)	1,294.40	(12.2 %)	3.11

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	73.77 %	78.19 %	80.08 %
Q2 2012	73.29 %	77.86 %	80.18 %
Q3 2012	72.61 %	77.33 %	78.66 %
Q4 2012	72.45 %	77.69 %	77.63 %
2012	72.45 %	77.69 %	77.63 %
Q1 2013	72.74 %	77.97 %	78.70 %
Q2 2013	72.84 %	78.17 %	78.97 %
Q3 2013	70.03 %	76.05 %	75.58 %
Q4 2013	67.89 %	74.79 %	74.45 %
2013	67.89 %	74.79 %	73.49 %
Q1 2014	67.10 %	73.89 %	72.34 %
Q2 2014	66.67 %	73.41 %	71.87 %
Q3 2014	68.43 %	74.29 %	73.07 %
Q4 2014	68.82 %	74.90 %	70.26 %
2014	68.95 %	75.02 %	70.38 %
Q1 2015	67.22 %	73.44 %	67.88 %
Q2 2015	66.90 %	73.61 %	67.69 %
Q3 2015	64.78 %	72.83 %	65.01 %
Q4 2015	58.78 %	68.07 %	60.06 %
2015	58.78 %	68.07 %	60.06 %
Q1 2016	56.04 %	64.77 %	55.54 %
Q2 2016	51.95 %	63.60 %	49.19 %
Q3 2016	46.05 %	52.74 %	39.46 %
Q4 2016	47.24 %	50.45 %	36.27 %
2016	47.86 %	50.45 %	36.27 %
Q1 2017	48.97 %	51.41 %	39.20 %
Q2 2017	48.10 %	46.97 %	36.31 %
Q3 2017	48.43 %	50.96 %	37.29 %
Q4 2017	42.96 %	47.55 %	31.84 %
2017	43.46 %	47.55 %	31.84 %
Q1 2018	39.07 %	44.19 %	25.42 %
Q2 2018	42.57 %	46.45 %	30.01 %
Q3 2018	46.98 %	50.76 %	36.40 %
Q4 2018	55.22 %	57.41 %	45.04 %
2018	55.22 %	57.41 %	45.04 %
Q1 2019	57.10 %	60.57 %	48.75 %
Q2 2019	57.05 %	61.21 %	49.76 %
Q3 2019	55.27 %	60.02 %	48.09 %
Q4 2019	51.53 %	57.89 %	44.83 %
2019	51.53 %	57.89 %	44.83 %
Q1 2020	51.06 %	57.50 %	43.73 %
Q2 2020	50.35 %	56.87 %	41.65 %
Q3 2020	51.05 %	57.54 %	41.25 %
Q4 2020	50.04 %	56.61 %	38.90 %
2020	50.04 %	56.61 %	38.90 %
Q1 2021	51.44 %	56.79 %	38.57 %
Q2 2021	55.44 %	59.68 %	41.07 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	74.54 %	78.96 %	81.36 %
2012	72.45 %	77.69 %	77.63 %
2013	67.89 %	74.79 %	73.49 %
2014	68.95 %	75.02 %	70.38 %
2015	58.78 %	68.07 %	60.06 %
2016	47.86 %	50.45 %	36.27 %
2017	43.46 %	47.55 %	31.84 %
2018	55.22 %	57.41 %	45.04 %
2019	51.53 %	57.89 %	44.83 %
2020	50.04 %	56.61 %	38.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	70.99 %	76.80 %	74.13 %
Q2 2012	66.65 %	72.48 %	70.25 %
Q3 2012	76.07 %	80.65 %	82.18 %
Q4 2012	74.56 %	79.57 %	81.60 %
Q1 2013	72.41 %	78.09 %	79.10 %
Q2 2013	66.33 %	72.72 %	70.49 %
Q3 2013	64.88 %	72.23 %	68.48 %
Q4 2013	67.32 %	75.67 %	79.23 %
Q1 2014	69.57 %	74.84 %	71.50 %
Q2 2014	64.36 %	70.54 %	68.28 %
Q3 2014	71.31 %	75.45 %	73.15 %
Q4 2014	69.00 %	78.05 %	67.30 %
Q1 2015	62.67 %	68.40 %	61.30 %
Q2 2015	62.69 %	71.17 %	67.41 %
Q3 2015	63.96 %	72.84 %	63.80 %
Q4 2015	44.28 %	59.09 %	46.52 %
Q1 2016	51.23 %	52.92 %	40.36 %
Q2 2016	46.42 %	67.59 %	42.59 %
Q3 2016	42.56 %	29.78 %	27.01 %
Q4 2016	48.62 %	50.93 %	35.07 %
Q1 2017	56.64 %	55.88 %	50.00 %
Q2 2017	42.48 %	48.87 %	30.07 %
Q3 2017	43.51 %	46.55 %	30.52 %
Q4 2017	24.13 %	35.67 %	10.15 %
Q1 2018	44.20 %	44.96 %	29.26 %
Q2 2018	52.53 %	54.65 %	43.19 %
Q3 2018	57.95 %	60.97 %	51.78 %
Q4 2018	63.22 %	65.78 %	52.15 %
Q1 2019	52.64 %	59.93 %	46.68 %
Q2 2019	51.59 %	56.52 %	46.76 %
Q3 2019	51.12 %	56.32 %	45.53 %
Q4 2019	50.96 %	59.16 %	40.66 %
Q1 2020	50.52 %	58.13 %	41.67 %
Q2 2020	48.92 %	54.32 %	38.74 %
Q3 2020	53.77 %	58.87 %	44.07 %
Q4 2020	46.57 %	55.27 %	30.40 %
Q1 2021	54.09 %	57.84 %	39.34 %
Q2 2021	61.07 %	63.43 %	45.47 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	416.67	9.75	9.75	21.77
Q2 2012	416.67	9.74	9.74	19.27
Q3 2012	416.67	9.59	9.59	18.45
Q4 2012	416.67	9.28	9.28	21.26
Q1 2013	416.67	9.63	9.63	23.62
Q2 2013	416.67	9.41	9.41	20.54
Q3 2013	416.67	8.41	8.41	17.66
Q4 2013	416.67	7.59	7.58	19.85
Q1 2014	416.67	7.37	7.36	17.00
Q2 2014	416.67	7.24	7.23	15.34
Q3 2014	416.67	7.67	7.66	17.55
Q4 2014	416.67	7.62	7.51	18.87
Q1 2015	416.67	7.01	6.91	20.16
Q2 2015	416.67	6.91	6.80	19.46
Q3 2015	416.67	6.07	5.97	17.57
Q4 2015	416.67	5.11	5.11	18.23
Q1 2016	416.67	4.37	4.37	16.07
Q2 2016	416.67	3.66	3.66	15.35
Q3 2016	416.67	2.75	2.75	15.81
Q4 2016	416.67	2.49	2.49	16.00
Q1 2017	416.67	2.83	2.83	16.09
Q2 2017	416.67	2.60	2.60	16.55
Q3 2017	416.67	2.60	2.60	16.31
Q4 2017	416.67	2.11	2.11	16.47
Q1 2018	416.67	1.66	1.66	16.40
Q2 2018	416.67	2.16	2.16	16.42
Q3 2018	416.67	2.96	2.96	17.59
Q4 2018	416.67	4.17	4.17	18.97
Q1 2019	416.67	4.41	4.41	19.97
Q2 2019	416.67	4.34	4.34	17.61
Q3 2019	416.67	4.08	4.08	18.21
Q4 2019	416.67	3.54	3.54	19.19
Q1 2020	416.67	3.46	3.46	18.09
Q2 2020	416.67	3.41	3.41	18.08
Q3 2020	416.67	3.37	3.37	19.16
Q4 2020	416.67	3.11	3.11	19.59
Q1 2021	476.04	2.97	3.33	24.76
Q2 2021	476.04	3.97	4.33	24.36

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	416.67	9.86	9.86	19.70
2012	416.67	9.28	9.28	21.26
2013	416.67	7.59	7.48	19.85
2014	416.67	7.62	7.53	18.87
2015	416.67	5.11	5.11	18.23
2016	416.67	2.49	2.49	16.00
2017	416.67	2.11	2.11	16.47
2018	416.67	4.17	4.17	18.97
2019	416.67	3.54	3.54	19.19
2020	416.67	3.11	3.11	19.59

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	13.39	13.39	6.00
Q2 2012	11.97	11.97	6.05
Q3 2012	13.33	13.33	6.93
Q4 2012	15.00	15.00	6.55
Q1 2013	15.07	15.07	6.14
Q2 2013	13.99	13.99	6.41
Q3 2013	16.05	16.05	7.65
Q4 2013	18.86	18.88	7.21
Q1 2014	19.84	19.86	8.60
Q2 2014	20.27	20.29	9.57
Q3 2014	19.51	19.53	8.53
Q4 2014	16.90	17.13	6.82
Q1 2015	19.54	19.83	6.79
Q2 2015	19.52	19.82	6.93
Q3 2015	17.94	18.25	6.21
Q4 2015	18.36	18.36	5.15
Q1 2016	17.34	17.34	4.71
Q2 2016	18.51	18.51	4.42
Q3 2016	27.52	27.52	4.79
Q4 2016	34.30	34.30	5.33
Q1 2017	27.66	27.66	4.87
Q2 2017	27.66	27.66	4.34
Q3 2017	26.89	26.89	4.29
Q4 2017	35.27	35.27	4.52
Q1 2018	48.81	48.81	4.95
Q2 2018	32.69	32.69	4.29
Q3 2018	30.94	30.94	5.20
Q4 2018	21.11	21.11	4.64
Q1 2019	20.97	20.97	4.63
Q2 2019	22.79	22.79	5.61
Q3 2019	22.50	22.50	5.04
Q4 2019	25.03	25.03	4.61
Q1 2020	20.47	20.47	3.91
Q2 2020	24.95	24.95	4.71
Q3 2020	27.76	27.76	4.88
Q4 2020	29.64	29.64	4.70
Q1 2021	33.14	29.58	3.97
Q2 2021	30.08	27.59	4.90

Period	P/E	Adjusted P/E	Price/book
2011	12.23	12.23	6.12
2012	15.00	15.00	6.55
2013	18.86	19.12	7.21
2014	16.90	17.10	6.82
2015	18.36	18.36	5.15
2016	34.30	34.30	5.33
2017	35.27	35.27	4.52
2018	21.11	21.11	4.64
2019	25.03	25.03	4.61
2020	29.64	29.64	4.70

Business Segments (Million)

Compared With The

Period	Agri-nutrients	Petrochemical sector
Q1 2021	1,284.64	221.71
Q2 2021	1,551.15	287.83

Analysts Estimates (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change‬
Average	769.06	836.13	8.72 %

Estimates vs Actual (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change
OSOOL AND BAKHEET	860.00	836.13	(2.8) %
AlJazira Capital	809.30	836.13	3.3 %
Al Rajhi Capital	760.00	836.13	10.0 %
SNB Capital	743.00	836.13	12.5 %
Riyad Capital	673.00	836.13	24.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	55,220.64
Enterprise Value (EV) (M)	45,513.15
Shares Outstanding ((M))	476.04
EPS ( Riyal) (TTM)	7.39
Book Value (BV) ( Riyal)	38.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	15.13
P/E (TTM)	15.69
Price/book	2.98
Return on Average Assets (%) (TTM)	13.3
Return on Average Equity (%) (TTM)	19.8

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

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SABIC Agri-Nutrients H1 2021 profit up 90% to SAR 1.258 bln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

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SABIC Agri-Nutrients H1 2021 profit up 90% to SAR 1.258 bln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2021

Revenue by Business Segment (Latest) 2021 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

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Business Segments (Million)