SABIC Agri-Nutrients Company (2020) Q2 2024 earnings summary

Executive summary

• Revenue reached SAR 2,676 million ($714 million) in Q2 2024, up 6% quarter-over-quarter and 2% year-over-year.

• Net income was SAR 705 million ($188 million), down 16% sequentially but up 8% year-over-year.

• Sales volume increased 25% quarter-over-quarter and 6% year-over-year, offsetting lower average sales prices.

Financial highlights

• EBITDA for Q2 2024 was SAR 920 million ($245 million), down 4% sequentially, up 2% year-over-year.

• Operating profit was SAR 678 million ($181 million), 7% lower than previous quarter, flat year-over-year.

• Net profit margin was 26% in Q2 2024, down from 33% in Q1 2024, up from 25% in Q2 2023.

• Earnings per share for Q2 2024 was SAR 1.48, down 16% sequentially, up 8% year-over-year.

• Free cash flow for Q2 2024 was SAR 159 million, down 85% from previous quarter and 71% year-over-year.

Outlook and guidance

• Q3 2024 expected to see strong demand due to seasonal transitions in South America and India.

• Global supply anticipated to recover as producers resolve output and gas issues; China may resume exports late Q3, potentially sustaining prices.