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SABIC AGRI-NUTRIENTS Co. announces the interim consolidated condensed financial results for the period ending on 31-03-2021 (Three Months)
4/28/2021
| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CURRENT CHANGE | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Sales/Revenue | 1,506 | 728 | 106.868 | 768 | 96.093 |
| Total Profit (Loss) | 645 | 368 | 75.271 | 358 | 80.167 |
| Profit (Loss) Operational | 502 | 278 | 80.575 | 282 | 78.014 |
| Net Profit (Loss) after Zakat and Tax | 423 | 304 | 39.144 | 234 | 80.769 |
| Total Comprehensive Income | 551 | 168 | 227.976 | 177 | 211.299 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE |
|---|---|---|---|
| Total Share Holders Equity (after deducting minority equity) | 11,785 | 7,539 | 56.32 |
| Profit (Loss) per Share | 0.89 | 0.73 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| ELEMENT | EXPLANATION |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reasons of the increase in the net profit for the current quarter compared to the same quarter last year:
•Increase in quantities sold of company's products. •Increase in average selling prices of company's products. Despite the increase in net profit, it has been limited by: •Increase in the allowance for obsolete and dormant inventory with an amount of SR 182 million (SABIC AN portion is SR 171 million) •Increase in the Zakat and Income Tax Provision |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The reasons of the increase in the net profit for the current quarter compared with previous quarter:
•Increase in quantities sold of company's products. •Increase in average selling prices of company's products. Despite the increase in net profit, it has been limited by: •Increase in the allowance for obsolete and dormant inventory with an amount of SR 182 million (SABIC AN portion is SR 171 million) •Increase in the Zakat and Income Tax Provision |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | NA |
| Reclassification of Comparison Items |
NA |
| Additional Information | We would like to highlight (as have been previously announced in Saudi Stock Exchange (Tadawul) website on 20/05/1442H corresponding to 04/01/2021) that the acquisition transaction completed on entire share capital of the SABIC Agri-Nutrients Investments Company which had material impact on the financial statements of the company due to consolidation of its financial statements with acquired company in adherence with adopted accounting standards and policies. Additionally, the capital increased due to acquisition transaction in which the number of shares has increased from 416,666,666 shares to 476,035,404 and therefore it had impact on earnings per share. We would to mention that the company have changed the way spare parts inventory provision is estimated which resulted in booking an additional provision of SR 182 million, SABIC AN portion is SR 171 million during this quarter |