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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

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CURRENT CHANGEPREVIOUS QUARTER% CHANGE PREVIOUS
Sales/Revenue1,506728106.86876896.093
Total Profit (Loss)64536875.27135880.167
Profit (Loss) Operational50227880.57528278.014
Net Profit (Loss) after Zakat and Tax42330439.14423480.769
Total Comprehensive Income551168227.976177211.299
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
Total Share Holders Equity (after deducting minority equity)11,7857,53956.32
Profit (Loss) per Share0.890.73
All figures are in (Millions) Saudi Arabia, Riyals


ELEMENTEXPLANATION
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 reportUnmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor OpinionNA
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