SABIC Fertilizer Profits Drop 64%

Sabic Agricultural Nutrients' profits declined by 64% in the second quarter of this year, amounting to 379 million riyals compared to one billion riyals in the same period last year. This was due to a decrease in sales volumes caused by supply chain challenges and the declining results of some sister companies and joint ventures, despite higher selling prices that partially offset the negative impacts. Supply issues led to a 27% drop in revenues, down to 2.4 billion riyals. However, profits increased by 24% in the first quarter, supported by higher average selling prices. The company announced a dividend distribution of 1.66 billion riyals for the first half of the year, with expectations of increased demand for urea starting in the third quarter. With market stability and a decline in prices of some products, the company anticipates stable trading activity and a global improvement in the fertilizer markets, especially following new agreements such as allowing ships to pass through the Strait of Hormuz. Additionally, the General Assembly approved the merger of Ibn Al-Bitar Company into SABIC Fertilizers to enhance its fertilizer production expansion and to promote market stability.

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