Riyadh – Mubasher: Net profits of SABIC Agri-Nutrients Co. totalled SAR 233.6 million in the fourth quarter (Q4) of 2020, a decrease of 32.1% when compared to SAR 343.8 million in the same period in 2019.
The lower quarterly earnings were attributed to a drop in the quantities sold from the company's products and a lower share of results from Ibn Al-Baytar Company’s net income, combined with a higher Zakat provision, according to a bourse filing on Thursday.
Revenue for the October-December period of the past year fell by 9.1% annually to SAR 768.3 million.
In 2020, the company’s net profit shrank by 12.2% on a yearly basis, standing at SAR 1.29 billion.
