The company said in the statement that the reason for the decline in profits in the current quarter compared to the same quarter a year earlier is due to lower average selling prices of the company’s products, with a decline average of 40%.
Total SABIC Nutrients sales fell to 2.76 billion riyals ($740 million) in the first quarter, from 4.66 billion riyals ($1.24 billion) in the corresponding quarter of 2022.
Operating profit was 957 million riyals in the first quarter, compared to 2.6 billion riyals in the same quarter a year earlier, a decrease of 63.3%.
Total equity “without minority rights” amounted to 17 billion riyals during the 3-month period, compared to 18.1 billion riyals in the same period last year, a decrease of 6% .
Earnings per share for SABIC Nutrients in the current period reached 2.06 riyals, compared to 5.28 riyals in the same period last year.
Read the Latest World News Today on The Eastern Herald.
