A 2Q to forget for SABIC Agri-Nutrients: Saudi Arabian fertilizer maker Sabic Agri-Nutrients reported a 78.5% y-o-y drop in net income to SAR 651 mn in 2Q 2023 on the back of a fall in sales volumes and prices, according to a disclosure to Tadawul (pdf). Its revenues were down 54% y-o-y in the three months ending in June to SAR 2.6 bn. The plunge was fueled by a 46% reduction in average sales prices and a 15% drop in sales volume, the disclosure notes.

Weighing on 1H: Sabic reported a 71% fall in net income in the first half of the year to SAR 1.6 bn. Its revenues dropped 48% y-o-y in 1H 2023 to report SAR 5.4 bn. This came due to a 47% decrease in average selling prices of the company's products and a 2% drop in quantities sold by the company.

Yet, there were some successes during the quarter: The company completed the procedures to acquire a 49% stake in ETG Inputs Holdco in 2Q. ETG focuses on the mixing and distribution of fertilizers in African markets, which the Saudi fertilizers giant said “reflects the company’s focus on growth in the value chain.” It also delivered quantities of low-carbon ammonia to India and Taiwan for the first time under its commitment to achieve carbon neutrality by 2050.

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