Staff Writer

SABIC Agri-Nutrients, which is 50.1% owned by the petrochemical giant SABIC, said Q3 2023 net profit plunged 55% to 1.05 billion Saudi riyals ($279.89 million) from SAR 2.33 billion a year earlier, as average selling prices fell by 43% year-on-year (YoY).

Revenue fell 40% year-on-year (YoY) to SAR 2.67 billion in the three months ended September 30, 2023.

Net profit dropped 66% to SAR 2.68 billion in the first nine months of 2023 compared to SAR 7.86 billion a year before, driven by a 46% YoY slide in average product selling prices.

Giving an outlook, SABIC Agri-Nutrients said that resilient global demand and higher-cost winter-time energy supply with lower-than-expected Chinese export volumes will support the urea market in Q4 2023.

Healthy demand from major importers in the Americas, Africa, and Europe ahead of the new-crop planting season and an estimated 1.5-2 million metric tonnes in Indian urea tenders support global trade through year-end.

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2023