Saudi Agri-Nutrients Company announces surge in second-quarter profit amid rising revenues
Date
7/29/2024 7:42:10 AM
(MENAFN) Saudi Agri-Nutrients Company has reported an 8.3 percent increase in net profits for the second quarter of 2024, with the figures reaching 705 million riyals (about USD187.92 million). This represents an improvement from the 651 million riyals recorded during the same period last year. The growth in net profits is primarily attributed to a rise in revenues, which was fueled by increased sales volumes and higher financing income. Despite this positive trend, the overall profit increase was somewhat mitigated by a rise in the cost of sales.
However, the company's performance over the first half of 2024 reflects a different trend. For this six-month period, Saudi Agri-Nutrients Company reported earnings of 1.546 billion riyals. This is a decrease compared to the 1.632 billion riyals reported in the first half of the previous year, representing a decline of 5.3 percent.
This decrease in earnings for the first half of the year highlights a contrast to the company's more recent quarterly performance, suggesting variability in financial outcomes across different periods. The decline in half-year earnings underscores the impact of certain financial pressures despite the positive quarterly growth.
Overall, while the company managed to achieve a notable increase in net profits for the second quarter, the decrease in earnings over the first half of the year indicates that challenges remain. These mixed results reflect a complex financial landscape for Saudi Agri-Nutrients Company in 2024, with different factors influencing performance at different times.
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