SearchSummarized Consolidated Statement of Income
| SAR in billions |
|
2022 | 2021 | % change | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Sales | 198.47 | 174.88 | 13% | 116.95 | 135.40 | 169.13 | |
| Gross Profit | 42.67 | 47.88 | -11% | 22.64 | 29.41 | 57.84 | |
| Income from operations | 23.88 | 33.60 | -29% | 4.57 | 11.52 | 36.28 | |
| Net income | 16.53 | 23.07 | -28% | 0.07 | 5.20 | 21.52 |
| USD in billions |
|
2022 | 2021 | % change | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Sales | 52.92 | 46.64 | 13% | 31.19 | 36.11 | 45.10 | |
| Gross Profit | 11.38 | 12.77 | -11% | 6.04 | 7.84 | 15.42 | |
| Income from operations | 6.37 | 8.96 | -29% | 1.22 | 3.07 | 9.67 | |
| Net income | 4.41 | 6.15 | -28% | 0.02 | 1.39 | 5.74 |
Sales of SAR 198.47 billion compared to SAR 174.88 billion, an increase of SAR 23.58 billion or 13%, primarily driven by higher quantities sold noted in all segments by 9% and increase in average selling prices by 4%. Petrochemicals and Specialties sales amounted to SAR 164.85 billion, an increase of SAR 14.97 billion or 10% compared to 2021. It represents 83% of the total group’s sales in 2022. Agri-nutrients sales amounted to SAR 18.23 billion an increase of SAR 6.04 billion or 50% and Hadeed sales amounted to SAR 15.39 billion, an increase of SAR 2.58 billion or 20%, compared to 2021.
Income from operations of SAR 23.88 billion compared to SAR 33.60 billion in prior year, a decrease of SAR 9.72 billion or 29% due to lower profit margins for most of the key products driven mainly by higher feedstock prices in addition to higher selling and distribution expenses driven by the higher logistic costs.
Income tax and Zakat was SAR 2.49 billion compared SAR 3.59 billion in 2021, a decrease of SAR 1.09 billion which was mainly driven by the lower taxable income in 2022
Net income of SAR 16.53 billion in 2022 compared to SAR 23.07 billion in 2021, driven primarily by lower profit margins in the Petrochemicals and Specialties operating segments due to lower selling prices for most of the key products coupled with higher feedstock costs and selling and distribution expenses.