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Sabic Agri-Nutrients’ net income dropped 14% y-o-y to SAR 841 mn in 1Q 2024 on the back of lower sales, it said in an earnings release (pdf). Its revenues fell 9% y-o-y over the same period to SAR 2.5 bn due to lower average selling prices.
1Q was a tough quarter for the global fertilizer industry after production disruptions in Southeast Asia and US and instability at the Panama Canal and Bab Al Mandab strait forced importers to source replacement cargoes, according to Sabic Agri-Nutrients.
The upcoming quarter could prove to be “challenging” as demand falls “with the transition away from the spring agricultural season, which may reduce the pressure of price,” it said.
REMEMBER- 2023 was disappointing for Sabic Agri-Nutrients: Sabic’s net income fell 64% y-o-y in FY 2023 to SAR 3.7 bn on the back of lower sales. Revenue also plummeted 42% y-o-y during the period to SAR 11 bn due to lower average selling prices.
