SABIC Agri-Nutrients Company (2020) Q4 2024 earnings summary

Executive summary

• SABIC Agri-Nutrients reported consolidated revenue of SAR 11.06 billion for 2024, nearly flat year-over-year, with net income declining to SAR 3.44 billion from SAR 3.86 billion in 2023.

• The company maintained strong cash generation, ending the year with SAR 7.8 billion in cash and equivalents, up from SAR 4.2 billion.

• Major capital allocation included SAR 2.86 billion in dividends to shareholders and SAR 195 million to non-controlling interests.

• Approval was received to build a new plant in Jubail, adding significant blue ammonia and urea capacity.

Financial highlights

• Revenue for 2024 was SAR 11.06 billion, up slightly from SAR 11.03 billion in 2023.

• Net income attributable to equity holders was SAR 3.33 billion, down from SAR 3.66 billion year-over-year.

• Gross profit margin declined to 36.9% from 41.7% due to higher cost of sales.

• Basic and diluted EPS was SAR 6.99, compared to SAR 7.69 in 2023.

• Operating cash flow was SAR 4.11 billion, down from SAR 5.68 billion in the prior year.

Outlook and guidance

• The company is expanding production with a new plant in Jubail, targeting 1.2 million metric tons of blue ammonia and 1.1 million metric tons of urea and specialized agri-nutrients.

• All unfulfilled performance obligations at year-end are expected to be satisfied in the following year.