{"id":83837,"date":"2024-04-29T00:00:00","date_gmt":"2024-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/04\/29\/sabic-agri-nutrients-net-income-down-14-y-o-y\/"},"modified":"2024-04-29T00:00:00","modified_gmt":"2024-04-29T00:00:00","slug":"sabic-agri-nutrients-net-income-down-14-y-o-y","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/04\/29\/sabic-agri-nutrients-net-income-down-14-y-o-y\/","title":{"rendered":"Sabic Agri-Nutrients\u2019 net income down 14% y-o-y"},"content":{"rendered":"

Sabic Agri-Nutrients\u2019 net income dropped 14% <\/strong>y-o-y<\/strong> to SAR 841 mn in 1Q 2024 on the <\/strong>back of lower sales<\/strong>, it said in an earnings release (pdf)<\/a>. Its revenues fell 9% y-o-y over the same period to SAR 2.5 bn due to lower average selling prices.<\/p>\n

1Q was a tough quarter for the global fertilizer industry<\/strong> after production disruptions in Southeast Asia and US and instability at the Panama Canal and Bab Al Mandab strait forced importers to source replacement cargoes, according to Sabic Agri-Nutrients.<\/p>\n

The upcoming quarter could prove to be \u201cchallenging\u201d <\/strong>as demand falls \u201cwith the transition away from the spring agricultural season, which may reduce the pressure of price,\u201d it said.<\/p>\n

REMEMBER- <\/strong>2023 <\/strong>was disappointing for Sabic Agri-Nutrients: <\/strong>Sabic\u2019s net income fell 64% y-o-y in FY 2023<\/a> to SAR 3.7 bn on the back of lower sales. Revenue also plummeted 42% y-o-y during the period to SAR 11 bn due to lower average selling prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Q1 was a tough quarter for the global fertilizer industry<\/p>\n","protected":false},"author":1,"featured_media":83838,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[105,11,339,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseclimate","tag-sabic","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"17673897-84cd-4fca-804a-b97db5570206","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/404.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sabic Agri-Nutrients\u2019 net income down 14% y-o-y","related_issue":[83821],"teaser":"Q1 was a tough quarter for the global fertilizer industry","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.4c012e7c-42ab-4667-9060-0c90c1703da5.mp3"},"yoast_head":"\nSabic Agri-Nutrients\u2019 net income down 14% y-o-y - 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