{"id":85623,"date":"2024-04-29T00:00:00","date_gmt":"2024-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/29\/a-flurry-of-1q-earnings\/"},"modified":"2024-04-29T00:00:00","modified_gmt":"2024-04-29T00:00:00","slug":"a-flurry-of-1q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/29\/a-flurry-of-1q-earnings\/","title":{"rendered":"A flurry of 1Q earnings"},"content":{"rendered":"

SABIC AGRI-NUTRIENTS- <\/p>\n

Sabic Agri-Nutrients\u2019 net income dropped 14% <\/strong>y-o-y<\/strong> to SAR 841 mn in 1Q 2024<\/strong> 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

Q1 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<\/strong> 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

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

RIYAD BANK-<\/p>\n

Riyad Bank\u2019s net income rose 25.9% y-o-y to SAR 2.2 bn in 1Q 2024<\/strong>, while revenues grew 1.3% y-o-y to SAR 4.1 bn, it said in a disclosure to Tadawul<\/a>.<\/p>\n

!_SuHbed_! ANB-<\/strong><\/p>\n

Arab National Bank\u2019s net income fell 7% <\/strong>y-o-y<\/strong> to SAR 1 bn in 1Q 2024<\/strong>, while revenues rose 6% y-o-y to SAR 2.3 bn, it said in a disclosure to Tadawul<\/a>.<\/p>\n

\n

SULAIMAN ALHABIB-<\/p>\n

Sulaiman Al Habib Medical Services Group\u2019s net income increased 9% y-o-y to SAR 552 <\/strong>mn in 1Q 2024, <\/strong>and revenues rose 9.3% y-o-y to SAR 2.5 bn, it said in a disclosure to Tadawul<\/a>.<\/p>\n

\n

AMIANTIT-<\/p>\n

Saudi Arabian Amiantit turned into the black with a net income of SAR 414.4 mn in 1Q <\/strong>2024<\/strong>, reversing a net loss of SAR 2.3 mn in the same quarter last year, it said in a disclosure to Tadawul<\/a>. This is due to the pipe maker raking in SAR 639 mn in accounting profits as it settled debts with Alinma Bank and Saudi National Bank, while minimizing finance costs, it said in a disclosure to Tadawul<\/a>. Meanwhile, revenues inched up 1.4% y-o-y to SAR 200 mn over the same period.<\/p>\n

\n

SIPCHEM- <\/p>\n

Sahara International <\/strong>Petrochemical\u2019s<\/strong> net income fell 60% <\/strong>y-o-y<\/strong> to SAR 187 <\/strong>mn <\/strong>in<\/strong> 1Q <\/strong>2024<\/strong>, and revenues were down 7.8% y-o-y to SAR 1.9 bn, it said in a regulatory filing to Tadawul<\/a>. <\/p>\n

YANBU NATIONAL PETROCHEMICAL (YANSAB)-<\/p>\n

Yansab turned into the black with a net income of SAR 99.5 mn in 1Q 2024<\/strong>, reversing losses of SAR 370 mn in the corresponding quarter last year, it said in a disclosure to Tadawul<\/a>. Revenues more than doubled y-o-y to SAR 1.4 bn, it said.<\/p>\n

\n

SSP- <\/p>\n

Saudi Steel Pipe\u2019s net income grew 13x y-o-y to SAR 76 mn in 1Q 2024<\/strong> and revenues grew 3x y-o-y to SAR 515, it said in a filing to Tadawul<\/a>.<\/p>\n

\n

UMM AL QURA CEMENT-<\/p>\n

Umm Al Qura Cement\u2019s net income rose by more than 2x to SAR 14.5 mn in 1Q <\/strong>2024<\/strong>, and revenues grew 37.2% y-o-y to SAR 64.7 mn, it said in a disclosure to Tadawul<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Sabic Agri-Nutrients | Riyad Bank | Arab National Bank | Sulaiman Al Habib, Amiantit | Sipchem | Yansab<\/p>\n","protected":false},"author":1,"featured_media":85624,"comment_status":"","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":[2607],"tags":[875,952,285,10,74,872,885,2814,2815],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-amiantit","tag-arab-national-bank","tag-earnings-watch","tag-enterpriseam-ksa","tag-riyad-bank","tag-sabic-agri-nutrients","tag-sipchem","tag-sulaiman-al-habib","tag-yansab","wpautop","entry"],"acf":{"mongo_id":"c97a26bf-eeed-45ff-85f4-3905bf322ea2","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2014.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sabic Agri-Nutrients\u2019 net income down 14% y-o-y in 1Q 2024 due to lower sales","related_issue":[85610],"teaser":"Sabic Agri-Nutrients | Riyad Bank | Arab National Bank | Sulaiman Al Habib, Amiantit | Sipchem | Yansab","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.6bdf3c4b-e64d-4660-972a-390deb5a2bf5.mp3"},"yoast_head":"\nA flurry of 1Q earnings - 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