SABIC Agri-Nutrients (2020) Q4 2024 earnings summary

Executive summary

• Achieved production of 8.52 million MT in 2024, up 2.6% year-over-year; sales volume grew 3.2% to 7.22 million MT.

• Revenue reached SAR 11.06 billion, marginally higher than 2023, but net profit declined to SAR 3.33 billion due to lower average selling prices and higher feedstock costs.

• Advanced sustainability initiatives, including approval for a new low-carbon ammonia plant in Jubail, supporting Vision 2030.

• Continued innovation with specialty products like Zinc Coated Urea and Bio-Enhanced Urea to meet evolving agricultural needs.

Financial highlights

• Revenue: SAR 11.06 billion in 2024, up 0.25% year-over-year.

• Net profit: SAR 3.33 billion, down 9.1% from SAR 3.66 billion in 2023.

• Gross profit: SAR 4.08 billion, down 11.3% year-over-year.

• Free cash flow: SAR 3.34 billion, a 30% decrease from 2023.

• Cash and short-term investments: SAR 11.52 billion at year-end, up 4%.

Outlook and guidance

• Strategic focus on expanding low-carbon product portfolio and production capacity.

• Ongoing feasibility studies for the new low-carbon ammonia and urea plant, with final investment decision pending.

• Continued investment in R&D and global market expansion, especially in Africa, Asia-Pacific, and Latin America.

• Commitment to achieving carbon neutrality by 2050 and supporting Saudi Vision 2030.