SABIC Agri-Nutrients Q1 profit falls to SAR 981 mln

01/05/2023 Argaam Exclusive

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SABIC Agri-Nutrients Co.’s net profit slumped 61% to SAR 981 million in Q1 2023, from SAR 2.51 billion a year earlier, as the average selling prices of the company's products declined by almost 40%.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	4,657.12	2,759.67	(40.7 %)
Gross Income	2,873.03	1,137.19	(60.4 %)
Operating Income	2,614.20	952.01	(63.6 %)
Net Income	2,512.84	980.60	(61.0 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	5.28	2.06	(61.0 %)

Item	Q4 2022	Q1 2023	Change‬
Revenues	4,206.48	2,759.67	(34.4 %)
Gross Income	2,391.78	1,137.19	(52.5 %)
Operating Income	2,144.20	952.01	(55.6 %)
Net Income	2,168.28	980.60	(54.8 %)
Average Shares	476.04	476.04	-
EPS (Riyals)	4.55	2.06	(54.8 %)

The profit decline was attributed to a decrease in the average selling prices of company's products by almost 40%.

Sequentially, the company’s net profit fell 54.8% from SAR 2.16 billion in Q4 2022, due to lower average selling prices of the company's products and a decline in sales volume.

Total shareholders’ equity, excluding minority interest, stood at SAR 17 billion as of March 31, 2023, compared to SAR 18.13 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2021	2,206.81	144.6 %	1,547.91	219.1 %	1,206.47	203.5 %	2.53
Q4 2021	4,039.84	425.8 %	3,282.79	817.4 %	2,762.84	1082.9 %	5.80
2021	9,591.98	188.3 %	6,768.50	306.5 %	5,228.02	303.9 %	10.98
Q1 2022	4,657.12	209.2 %	2,873.03	252.6 %	2,512.84	494.6 %	5.28
Q2 2022	5,700.07	210.0 %	3,259.77	190.3 %	3,024.93	261.8 %	6.35
Q3 2022	4,417.17	100.2 %	2,662.27	72.0 %	2,330.71	93.2 %	4.90
Q4 2022	4,206.48	4.1 %	2,391.78	(27.1 %)	2,168.28	(21.5 %)	4.55
2022	18,980.83	97.9 %	11,186.85	65.3 %	10,036.76	92.0 %	21.08
Q1 2023	2,759.67	(40.7 %)	1,137.19	(60.4 %)	980.60	(61.0 %)	2.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2021	9,591.98	188.3 %	6,768.50	306.5 %	5,228.02	303.9 %	10.98
2022	18,980.83	97.9 %	11,186.85	65.3 %	10,036.76	92.0 %	21.08

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2021	60.81 %	64.20 %	45.39 %
Q4 2021	70.56 %	72.31 %	57.23 %
2021	70.56 %	72.31 %	57.23 %
Q1 2022	69.27 %	69.70 %	58.15 %
Q2 2022	66.03 %	66.61 %	57.81 %
Q3 2022	64.20 %	64.28 %	57.00 %
Q4 2022	58.94 %	58.74 %	52.88 %
2022	58.94 %	58.74 %	52.88 %
Q1 2023	55.32 %	55.56 %	49.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2021	70.56 %	72.31 %	57.23 %
2022	58.94 %	58.74 %	52.88 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2021	70.14 %	72.30 %	54.67 %
Q4 2021	81.26 %	81.76 %	70.66 %
Q1 2022	61.69 %	60.49 %	53.96 %
Q2 2022	57.19 %	58.67 %	53.07 %
Q3 2022	60.27 %	59.54 %	52.76 %
Q4 2022	56.86 %	56.04 %	51.55 %
Q1 2023	41.21 %	42.01 %	35.53 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2021	476.04	5.67	6.03	26.80
Q4 2021	476.04	10.98	11.53	32.67
Q1 2022	476.04	15.37	15.57	38.08
Q2 2022	476.04	19.97	20.16	37.32
Q3 2022	476.04	22.33	22.53	42.35
Q4 2022	476.04	21.08	21.08	41.79
Q1 2023	476.04	17.87	17.87	35.73

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2021	476.04	10.98	11.53	32.67
2022	476.04	21.08	21.08	41.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2021	30.52	28.71	6.45
Q4 2021	16.08	15.31	5.41
Q1 2022	11.83	11.68	4.77
Q2 2022	6.90	6.83	3.69
Q3 2022	7.07	7.01	3.73
Q4 2022	6.93	6.93	3.50
Q1 2023	7.13	7.13	3.57

Period	P/E	Adjusted P/E	Price/book
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
2021	16.08	15.31	5.41
2022	6.93	6.93	3.50

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
Q3 2021	1,901.57	305.24
Q4 2021	3,794.75	245.09
Q1 2022	4,469.97	187.15
Q2 2022	5,423.23	276.84
Q3 2022	4,237.53	179.64
Q4 2022	4,065.01	141.47
Q1 2023	2,583.77	175.91

Period	Agri-nutrients	Petrochemical sector
2021	8,532.11	1,059.87
2022	18,195.74	785.09

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	956.53	980.60	2.52 %

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
Riyad Capital	1,012.00	980.60	(3.1) %
AlJazira Capital	909.60	980.60	7.8 %
SNB Capital	1,119.00	980.60	(12.4) %
Sico	1,149.00	980.60	(14.7) %
Al Rajhi Capital	854.00	980.60	14.8 %
U-Capital	845.20	980.60	16.0 %
OSOOL AND BAKHEET	806.88	980.60	21.5 %

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 Q1 profit falls to SAR 981 mln

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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) 2023 Q1

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 Q1 profit falls to SAR 981 mln

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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) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

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)