Saudi SABIC Agri-Nutrients's Q3 drops 55% to $280mln on lower prices

SABIC -0.38%
SABIC AGRI-NUTRIENTS -0.31%

SABIC

2010.SA

79.10

-0.38%

SABIC AGRI-NUTRIENTS

2020.SA

128.40

-0.31%

 

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.

 

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© ZAWYA 2023

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