RIYADH: Saudi Arabian petrochemical firm SABIC Agri-Nutrients Co. has seen a near six-fold jump in its quarterly profits, buoyed by a surge in sales.
Despite global logistic hurdles, net profit soared to SR2.5 billion ($670 million) in the first quarter, compared to SR423 million in the same period a year ago, according to a bourse filing.
Its revenues more than tripled, reaching SR4.66 billion, and the profit per share went up from SR0.89 to SR5.28.
The homegrown fertilizer producer, half-owned by chemical giant SABIC, attributed the profit hike to higher selling prices of products in addition to a rise in quantities sold.
However, profits were capped by an increase in general and administrative expenses, it added.
