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SABIC AGRI-NUTRIENTS-
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.
Q1 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.
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RIYAD BANK-
Riyad Bank’s net income rose 25.9% y-o-y to SAR 2.2 bn in 1Q 2024, while revenues grew 1.3% y-o-y to SAR 4.1 bn, it said in a disclosure to Tadawul.
!_SuHbed_! ANB-
Arab National Bank’s net income fell 7% y-o-y to SAR 1 bn in 1Q 2024, while revenues rose 6% y-o-y to SAR 2.3 bn, it said in a disclosure to Tadawul.
SULAIMAN ALHABIB-
Sulaiman Al Habib Medical Services Group’s net income increased 9% y-o-y to SAR 552 mn in 1Q 2024, and revenues rose 9.3% y-o-y to SAR 2.5 bn, it said in a disclosure to Tadawul.
AMIANTIT-
Saudi Arabian Amiantit turned into the black with a net income of SAR 414.4 mn in 1Q 2024, reversing a net loss of SAR 2.3 mn in the same quarter last year, it said in a disclosure to Tadawul. This is due to the pipe maker raking in SAR 639 mn in accounting profits as it settled debts with Alinma Bank and Saudi National Bank, while minimizing finance costs, it said in a disclosure to Tadawul. Meanwhile, revenues inched up 1.4% y-o-y to SAR 200 mn over the same period.
SIPCHEM-
Sahara International Petrochemical’s net income fell 60% y-o-y to SAR 187 mn in 1Q 2024, and revenues were down 7.8% y-o-y to SAR 1.9 bn, it said in a regulatory filing to Tadawul.
YANBU NATIONAL PETROCHEMICAL (YANSAB)-
Yansab turned into the black with a net income of SAR 99.5 mn in 1Q 2024, reversing losses of SAR 370 mn in the corresponding quarter last year, it said in a disclosure to Tadawul. Revenues more than doubled y-o-y to SAR 1.4 bn, it said.
SSP-
Saudi Steel Pipe’s net income grew 13x y-o-y to SAR 76 mn in 1Q 2024 and revenues grew 3x y-o-y to SAR 515, it said in a filing to Tadawul.
UMM AL QURA CEMENT-
Umm Al Qura Cement’s net income rose by more than 2x to SAR 14.5 mn in 1Q 2024, and revenues grew 37.2% y-o-y to SAR 64.7 mn, it said in a disclosure to Tadawul.
