RIYADH: Saudi Arabian petrochemical firm SABIC Agri-Nutrients Co. saw its profits nearly triple to SR7.8 billion ($2 billion) in the first nine months of 2022, up from SR2.4 billion in the prior-year period.
Despite the higher profits, shares of SABIC Agri-Nutrients ended the day 2.67 percent lower, reaching SR167.40.
The homegrown fertilizer producer’s revenue increased by 166 percent to SR14.7 billion, compared to SR5.5 billion in the same period a year ago, according to a bourse filing.
SABIC Agri-Nutrients, which is half-owned by chemical giant SABIC, attributed the profit boost to higher sales and selling prices of its products.
For the third quarter of 2022, net profit surged by 93 percent to SR2.3 billion from SR1.2 billion a year earlier.
