SABIC Agri-Nutrients Company announced the preliminary financial results for the period ending on March 31, 2022, achieving an increase in net profits of 2.513 billion riyals, an increase of 494% compared to profits of 423 million riyals recorded by the company during the same period in 2021.
The company explained in a statement on “Saudi Tadawul” today, Tuesday, that the reason for the increase in profits during the first quarter of this year compared to the same quarter of the previous year is due to the increase in the quantities sold for the company’s products, as well as the increase in the average selling prices of the company’s products.
She added that this came despite an increase in selling and distribution expenses.
The company attributed the reason for the decline in profits during the first quarter of 2022 compared with the previous quarter to the increase in selling and distribution expenses, in addition to an increase in general and administrative expenses.
The company pointed out that starting from January 1, 2022, “SABIC Agri-Nutrients” became the marketer of its products, which affected the company’s financial performance by increasing revenues and increasing selling and distribution expenses, as SABIC was the marketer of the company’s products previously.
In addition, due to the effects of the repercussions of “Covid-19”, selling and distribution expenses witnessed an increase at the global level.