SABIC AN profit drops 11% to SAR 2.37B in 9M 2024; Q3 at SAR 827M

SABIC AN profit drops 11% to SAR 2.37B in 9M 2024; Q3 at SAR 827M

27/10/2024 Argaam Exclusive

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SABIC Agri-Nutrients Co. (SABIC AN) reported a net profit of SAR 2.37 billion for the first nine months of 2024, a decline of 11% from SAR 2.68 billion in the prior-year period, due to lower average selling prices by 3% year-on-year (YoY) and a rise in cost of goods sold (COGS).



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 8,061.40 8,043.65 (0.2 %)
Gross Income 3,294.68 2,962.30 (10.1 %)
Operating Income 2,636.45 2,221.07 (15.8 %)
Net Income 2,681.09 2,372.73 (11.5 %)
Average Shares 476.04 476.04 -
EPS (Riyals) 5.63 4.98 (11.5 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2,672.29 2,850.07 6.7 %
Gross Income 1,225.68 1,072.30 (12.5 %)
Operating Income 1,002.04 788.73 (21.3 %)
Net Income 1,049.48 826.52 (21.2 %)
Average Shares 476.04 476.04 -
EPS (Riyals) 2.20 1.74 (21.2 %)

Q3 2024 net profit dropped 21% YoY to SAR 827 million on higher COGS expenses, which was offset by 7% higher revenue YoY and an increase in sales volume.

 

On a sequential basis, net earnings grew 17.2% from SAR 705.34 million.

 

Total shareholders’ equity, after minority interest, reached SAR 18.62 billion by Sept. 30, 2024, from SAR 17.54 billion a year earlier.

 

Attached Documents

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 962.42 (18.3 %) 603.11 (26.4 %) 582.85 (26.9 %)
Q2 2015 883.75 (5.6 %) 553.99 (8.0 %) 537.33 (7.2 %)
Q3 2015 887.43 (28.9 %) 567.64 (36.2 %) 551.33 (36.3 %)
Q4 2015 813.67 (25.6 %) 360.31 (52.2 %) 342.31 (53.0 %)
Q1 2016 691.23 (28.2 %) 354.12 (41.3 %) 258.19 (55.7 %)
Q2 2016 709.85 (19.7 %) 329.53 (40.5 %) 261.31 (51.4 %)
Q3 2016 689.53 (22.3 %) 293.49 (48.3 %) 202.67 (63.2 %)
Q4 2016 765.32 (5.9 %) 372.09 3.3 % 264.52 (22.7 %)
Q1 2017 846.65 22.5 % 479.52 35.4 % 394.56 52.8 %
Q2 2017 679.48 (4.3 %) 288.65 (12.4 %) 204.41 (21.8 %)
Q3 2017 617.28 (10.5 %) 268.55 (8.5 %) 175.03 (13.6 %)
Q4 2017 616.05 (19.5 %) 148.65 (60.1 %) 50.80 (80.8 %)
Q1 2018 810.76 (4.2 %) 358.32 (25.3 %) 241.58 (38.8 %)
Q2 2018 950.31 39.9 % 499.24 73.0 % 395.28 93.4 %
Q3 2018 1,008.66 63.4 % 584.54 117.7 % 481.23 174.9 %
Q4 2018 1,090.10 77.0 % 689.15 363.6 % 578.11 1038.0 %
Q1 2019 718.68 (11.4 %) 378.29 5.6 % 295.62 22.4 %
Q2 2019 813.61 (14.4 %) 419.71 (15.9 %) 324.91 (17.8 %)
Q3 2019 909.71 (9.8 %) 465.08 (20.4 %) 363.66 (24.4 %)
Q4 2019 845.58 (22.4 %) 430.94 (37.5 %) 344.08 (40.5 %)
Q1 2020 728.37 1.3 % 367.94 (2.7 %) 278.30 (5.9 %)
Q2 2020 928.71 14.1 % 454.31 8.2 % 359.95 10.8 %
Q3 2020 902.13 (0.8 %) 485.11 4.3 % 387.99 6.7 %
Q4 2020 768.33 (9.1 %) 357.83 (17.0 %) 281.73 (18.1 %)
Q1 2021 1,506.35 106.8 % 814.82 121.5 % 671.81 141.4 %
Q2 2021 1,838.98 98.0 % 1,122.98 147.2 % 951.22 164.3 %
Q3 2021 2,206.81 144.6 % 1,547.91 219.1 % 1,369.17 252.9 %
Q4 2021 4,039.84 425.8 % 3,282.79 817.4 % 3,082.55 994.1 %
Q1 2022 4,657.12 209.2 % 2,873.03 252.6 % 2,614.20 289.1 %
Q2 2022 5,700.07 210.0 % 3,259.77 190.3 % 3,117.95 227.8 %
Q3 2022 4,417.17 100.2 % 2,662.27 72.0 % 2,417.70 76.6 %
Q4 2022 4,206.48 4.1 % 2,391.78 (27.1 %) 2,144.20 (30.4 %)
Q1 2023 2,759.67 (40.7 %) 1,137.19 (60.4 %) 952.01 (63.6 %)
Q2 2023 2,629.44 (53.9 %) 931.80 (71.4 %) 682.41 (78.1 %)
Q3 2023 2,672.29 (39.5 %) 1,225.68 (54.0 %) 1,002.04 (58.6 %)
Q4 2023 2,972.03 (29.3 %) 1,302.95 (45.5 %) 1,146.47 (46.5 %)
Q1 2024 2,517.47 (8.8 %) 988.33 (13.1 %) 772.64 (18.8 %)
Q2 2024 2,676.11 1.8 % 901.67 (3.2 %) 659.69 (3.3 %)
Q3 2024 2,850.07 6.7 % 1,072.30 (12.5 %) 788.73 (21.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 589.98 (30.0 %) 1.42 - 589.98 1.42
Q2 2015 595.76 (6.8 %) 1.43 - 595.76 1.43
Q3 2015 566.15 (38.0 %) 1.36 - 566.15 1.36
Q4 2015 378.55 (51.4 %) 0.91 - 378.55 0.91
Q1 2016 279.01 (52.7 %) 0.67 - 279.01 0.67
Q2 2016 302.32 (49.3 %) 0.73 - 302.32 0.73
Q3 2016 186.22 (67.1 %) 0.45 - 186.22 0.45
Q4 2016 268.40 (29.1 %) 0.64 - 268.40 0.64
Q1 2017 423.36 51.7 % 1.02 - 423.36 1.02
Q2 2017 204.34 (32.4 %) 0.49 - 204.34 0.49
Q3 2017 188.42 1.2 % 0.45 - 188.42 0.45
Q4 2017 62.51 (76.7 %) 0.15 - 62.51 0.15
Q1 2018 237.20 (44.0 %) 0.57 - 237.20 0.57
Q2 2018 410.46 100.9 % 0.99 - 410.46 0.99
Q3 2018 522.24 177.2 % 1.25 - 522.24 1.25
Q4 2018 568.53 809.5 % 1.36 - 568.53 1.36
Q1 2019 335.47 41.4 % 0.81 - 335.47 0.81
Q2 2019 380.44 (7.3 %) 0.91 - 380.44 0.91
Q3 2019 414.21 (20.7 %) 0.99 - 414.21 0.99
Q4 2019 343.79 (39.5 %) 0.83 - 343.79 0.83
Q1 2020 303.50 (9.5 %) 0.73 - 303.50 0.73
Q2 2020 359.80 (5.4 %) 0.86 - 359.80 0.86
Q3 2020 397.53 (4.0 %) 0.95 - 397.53 0.95
Q4 2020 233.57 (32.1 %) 0.56 - 233.57 0.56
Q1 2021 422.58 39.2 % 0.89 (170.04) 592.62 1.24
Q2 2021 836.13 132.4 % 1.76 - 836.13 1.76
Q3 2021 1,206.47 203.5 % 2.53 - 1,206.47 2.53
Q4 2021 2,762.84 1082.9 % 5.80 (91.87) 2,854.71 6.00
Q1 2022 2,512.84 494.6 % 5.28 - 2,512.84 5.28
Q2 2022 3,024.93 261.8 % 6.35 - 3,024.93 6.35
Q3 2022 2,330.71 93.2 % 4.90 - 2,330.71 4.90
Q4 2022 2,168.28 (21.5 %) 4.55 - 2,168.28 4.55
Q1 2023 980.60 (61.0 %) 2.06 - 980.60 2.06
Q2 2023 651.00 (78.5 %) 1.37 - 651.00 1.37
Q3 2023 1,049.48 (55.0 %) 2.20 - 1,049.48 2.20
Q4 2023 978.36 (54.9 %) 2.06 (130.24) 1,108.60 2.33
Q1 2024 840.88 (14.2 %) 1.77 - 840.88 1.77
Q2 2024 705.34 8.3 % 1.48 - 705.34 1.48
Q3 2024 826.52 (21.2 %) 1.74 - 826.52 1.74

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2023 55.32 % 55.56 % 49.78 %
Q2 2023 50.83 % 50.34 % 43.75 %
Q3 2023 46.35 % 46.16 % 39.53 %
Q4 2023 41.67 % 42.58 % 34.35 %
Q1 2024 41.23 % 42.12 % 33.82 %
Q2 2024 40.77 % 41.89 % 34.18 %
Q3 2024 38.72 % 39.15 % 31.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2023 476.04 12.88 12.88 34.47
Q3 2023 476.04 10.19 10.19 36.85
Q4 2023 476.04 7.69 7.96 37.27
Q1 2024 476.04 7.39 7.67 38.92
Q2 2024 476.04 7.51 7.78 36.86
Q3 2024 476.04 7.04 7.31 39.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2023 10.06 10.06 3.76
Q3 2023 13.06 13.06 3.61
Q4 2023 17.98 17.36 3.71
Q1 2024 16.37 15.78 3.11
Q2 2024 15.53 14.98 3.16
Q3 2024 16.88 16.24 3.04

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
Q2 2023 2,446.19 183.25
Q3 2023 2,511.54 160.74
Q4 2023 2,800.10 171.93
Q1 2024 2,313.22 204.25
Q2 2024 2,466.72 209.39
Q3 2024 2,752.48 97.59

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 853.69 826.52 (3.2 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Riyad Capital 838.00 826.52 (1.4) %
SNB Capital 845.00 826.52 (2.2) %
AlJazira Capital 874.40 826.52 (5.5) %
Bank of America 770.31 826.52 7.3 %
Hermes 770.31 826.52 7.3 %
OSOOL AND BAKHEET 904.64 826.52 (8.6) %
JP Morgan 918.00 826.52 (10.0) %
Sico 929.00 826.52 (11.0) %
U-Capital 735.20 826.52 12.4 %
Al Rajhi Capital 952.00 826.52 (13.2) %


Financial Ratios
Current
Market Cap (M Riyal) 53,316.48
Enterprise Value (EV) (M) 43,645.36
Shares Outstanding ((M)) 476.04
EPS ( Riyal) (TTM) 7.04
Book Value (BV) ( Riyal) 39.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.31
P/E (TTM) 15.91
Price/book 2.86
Return on Average Assets (%) (TTM) 13.7
Return on Average Equity (%) (TTM) 18.5
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Share Price

SABIC Agri-Nutrients Co.
112.00
1.20 1.08 %

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

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