Major Estimate Revision • May 12
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ر.س14.5b to ر.س13.0b. EPS estimate fell from ر.س11.56 to ر.س11.28 per share. Net income forecast to grow 11% next year vs 44% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س138. Share price rose 2.6% to ر.س146 over the past week. Major Estimate Revision • May 03
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ر.س12.4b to ر.س14.5b. EPS estimate increased from ر.س10.64 to ر.س11.56 per share. Net income forecast to grow 13% next year vs 37% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target up from ر.س135 to ر.س138. Share price rose 7.3% to ر.س146 over the past week. Reported Earnings • Apr 28
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ر.س2.58 (up from ر.س2.07 in 1Q 2025). Revenue: ر.س2.87b (down 6.5% from 1Q 2025). Net income: ر.س1.23b (up 25% from 1Q 2025). Profit margin: 43% (up from 32% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) exceeded analyst estimates by 54%. Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Saudi Arabia are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Apr 15
Price target increased by 11% to ر.س142 Up from ر.س128, the current price target is an average from 9 analysts. New target price is 9.3% below last closing price of ر.س157. Stock is up 53% over the past year. The company is forecast to post earnings per share of ر.س10.64 for next year compared to ر.س9.08 last year. Major Estimate Revision • Mar 25
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ر.س11.7b to ر.س12.2b. EPS estimate increased from ر.س10.75 to ر.س11.99 per share. Net income forecast to grow 18% next year vs 22% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س128. Share price was steady at ر.س137 over the past week. Major Estimate Revision • Mar 20
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ر.س11.7b to ر.س10.5b. EPS estimate unchanged from ر.س10.75 per share at last update. Chemicals industry in Saudi Arabia expected to see average net income growth of 22% next year. Consensus price target broadly unchanged at ر.س127. Share price was steady at ر.س136 over the past week. New Risk • Mar 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 06
SABIC Agri-Nutrients Company, Annual General Meeting, Mar 26, 2026 SABIC Agri-Nutrients Company, Annual General Meeting, Mar 26, 2026, at 19:00 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Mar 05
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ر.س9.08 (up from ر.س6.99 in FY 2024). Revenue: ر.س13.1b (up 18% from FY 2024). Net income: ر.س4.32b (up 30% from FY 2024). Profit margin: 33% (up from 30% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is expected to fall by 7.7% p.a. on average during the next 3 years compared to a 3.9% decline forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ر.س2.71 (up from ر.س1.74 in 3Q 2024). Revenue: ر.س3.52b (up 24% from 3Q 2024). Net income: ر.س1.29b (up 56% from 3Q 2024). Profit margin: 37% (up from 29% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 2.8%. Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Saudi Arabia are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Jul 30
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ر.س11.7b to ر.س12.6b. EPS estimate increased from ر.س7.94 to ر.س9.25 per share. Net income forecast to grow 22% next year vs 37% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س121. Share price was steady at ر.س118 over the past week. New Risk • May 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (100% cash payout ratio). Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ر.س7.74 to ر.س6.49 per share. Revenue forecast steady at ر.س11.3b. Net income forecast to shrink 7.1% next year vs 25% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target down from ر.س128 to ر.س125. Share price fell 4.3% to ر.س99.10 over the past week. Announcement • Apr 08
Sabic Agri-Nutrients Company Announces Board Changes SABIC Agri-Nutrients Company announced the appointments (Eng. Abdullah Ali Al-Bakr) as an independent member of Board of Directors, starting from the appointment date on 17/03/2025 to complete the Board cycle ending on
28/03/2026, succeeding the previous member Mr. Khalid Salem Al-Rowais an independent member. The nominated member has an extensive work history with leading roles in major companies across various sectors. From 2009 to 2015, they served as the Vice President of Manufacturing in the fertilizer sector at SABIC Agri-Nutrients Company (formerly SAFCO), overseeing operations at Ibn Al-Baytar and Al-Bayroni Companies. During the same period, hey also held the position of President at both SABIC Agri-Nutrients (formerly SAFCO) and Ibn Al-Baytar Company, as well as President of Jubail Fertilizer Company (Al-Bayroni). Prior to these roles, they served as the President of National Industrial Gases Company (GAS) from December 14, 1988, to March 13, 1999, and earlier, as the Deputy General Manager at GAS in 1986. Their career at SABIC began in 1985, where they worked as the Manager of the Training and Development Department, before transitioning to the Brine/Caustic Operations Manager, Line Manager, and in charge of Training, Recruitment, and Operations from July to December 1983. Their experience also extends internationally, having joined the SABIC Group through the Saudi Petrochemical Company (SADAF) in July 1977. In this role, they worked with Shell Oil Company (NORCO) in Louisiana, focusing on process engineering at the ethylene dichloride plant. This international experience continued with Shell's manufacturing complex in Houston, Texas, where they worked on process engineering at the chlor-alkali plant and at the ethylene dichloride plant. Additionally, they gained significant expertise in process engineering related to chlorinated hydrocarbon burners and project management while working in Pennsylvania. Buy Or Sell Opportunity • Apr 07
Now 23% overvalued Over the last 90 days, the stock has fallen 6.1% to ر.س102. The fair value is estimated to be ر.س82.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 0.03% per annum. Earnings are also forecast to grow by 2.0% per annum over the same time period. Announcement • Apr 07
SABIC Agri-Nutrients Company, Annual General Meeting, Apr 29, 2025 SABIC Agri-Nutrients Company, Annual General Meeting, Apr 29, 2025, at 19:30 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Feb 19
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ر.س6.99 (down from ر.س7.69 in FY 2023). Revenue: ر.س11.1b (flat on FY 2023). Net income: ر.س3.33b (down 9.1% from FY 2023). Profit margin: 30% (down from 33% in FY 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to stay flat during the next 3 years compared to a 3.7% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jan 29
Upcoming dividend of ر.س3.00 per share Eligible shareholders must have bought the stock before 05 February 2025. Payment date: 17 February 2025. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 5.3%. Within top quartile of Saudi dividend payers (4.7%). In line with average of industry peers (5.2%). Declared Dividend • Dec 25
Dividend of ر.س3.00 announced Dividend of ر.س3.00 is the same as last year. Ex-date: 5th February 2025 Payment date: 17th February 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 5.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 01
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ر.س1.74 (down from ر.س2.21 in 3Q 2023). Revenue: ر.س2.85b (up 6.7% from 3Q 2023). Net income: ر.س826.5m (down 21% from 3Q 2023). Profit margin: 29% (down from 39% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 01
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: ر.س1.48 (up from ر.س1.37 in 2Q 2023). Revenue: ر.س2.68b (up 1.8% from 2Q 2023). Net income: ر.س705.3m (up 8.3% from 2Q 2023). Profit margin: 26% (up from 25% in 2Q 2023). Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Buy Or Sell Opportunity • Jul 08
Now 21% overvalued Over the last 90 days, the stock has fallen 5.6% to ر.س115. The fair value is estimated to be ر.س94.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 4.6% in the next 2 years. Board Change • Jun 17
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 7 non-independent directors. Director Anas Kentab was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Jun 02
Dividend of ر.س3.00 announced Dividend of ر.س3.00 is the same as last year. Ex-date: 4th July 2024 Payment date: 22nd July 2024 Dividend yield will be 5.7%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 9.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 01
SABIC Agri-Nutrients Company Announces Distribution of Interim Cash Dividends for First Half of 2024, Payable on 22 July 2024 SABIC Agri-Nutrients Company announced Board decision to distribute interim cash dividends to Shareholders for the first half of 2024. Dividend per share SAR 3. The Total amount distributed: SAR 1,428,106,212. The eligibility date is 4th July 2024. The eligibility of Cash dividend will be to Shareholders who own the company shares on the Eligibility date and enrolled in the Company's register at Securities Depository Center Company by the end of the second trading day following the due date. Distribution Date: 22 July 2024. Major Estimate Revision • May 24
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ر.س10.3b to ر.س9.81b. EPS estimate also fell from ر.س6.75 per share to ر.س6.03 per share. Net income forecast to shrink 8.1% next year vs 101% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target broadly unchanged at ر.س135. Share price fell 2.5% to ر.س111 over the past week. Reported Earnings • May 02
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: ر.س1.77 (down from ر.س2.06 in 1Q 2023). Revenue: ر.س2.52b (down 8.8% from 1Q 2023). Net income: ر.س840.9m (down 14% from 1Q 2023). Profit margin: 33% (down from 36% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ر.س7.92 to ر.س5.83. Revenue forecast unchanged from ر.س10.8b at last update. Net income forecast to shrink 24% next year vs 56% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target broadly unchanged at ر.س136. Share price rose 7.0% to ر.س116 over the past week. Announcement • Apr 05
SABIC Agri-Nutrients Company, Annual General Meeting, Apr 28, 2024 SABIC Agri-Nutrients Company, Annual General Meeting, Apr 28, 2024, at 16:00 Coordinated Universal Time. Agenda: To consider external Auditor Report for the fiscal year ended on December 31, 2023 after discussion; to consider discuss Financial Statements for the fiscal year ended December 31, 2023; to consider amendment of Board Membership Policy; and to consider other matters. Announcement • Mar 15
Sabic Agri-Nutrients Company Announces CEO Changes SABIC Agri-Nutrients Company announced the resolution of its Board of Directors, based on the recommendation of the Remuneration and Nominations Committee, to appoint Mr. Fahad Misfer Al-Battar as CEO of SABIC Agri-Nutrients Company, effective April 1, 2024, succeeding Eng. Abdulrahman Ahmed Shamsaddin, who is nominated for one of the Executive leadership positions at SABIC. Worth to highlight that Mr. Fahad Misfer Al-Battar has practical experience in executive leadership and technical and operational positions extending for more than (25) years in several fields. During his professional career, he held many leadership positions at SABIC and its subsidiaries, including the position of President of Al Sharqiyah Petrochemicals Co. (Sharq) and Al-Jubail Fertilizer Company (Al-Bayroni), and Saudi Petrochemical Company (SADAF), and SABIC Agri-Nutrients Company. His most recent position was Chief Operations Officer at SABIC Agri Nutrients Company, according to the new organizational structure that was implemented at the beginning of the year 2022. During Mr. Fahad Misfer Al-Battar professional career, he worked and supervised the implementation of many projects in the petrochemicals and Agri- Nutrients sector. Worth to highlight that Mr. Fahad Misfer Al-Battar holds an Executive Master?s degree in Business Administration and a Bachelors degree in Chemistry from King Fahd University of Petroleum and Minerals. Reported Earnings • Mar 05
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ر.س7.69 (down from ر.س21.08 in FY 2022). Revenue: ر.س11.0b (down 42% from FY 2022). Net income: ر.س3.66b (down 64% from FY 2022). Profit margin: 33% (down from 53% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to stay flat during the next 3 years compared to a 2.8% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 01
Upcoming dividend of ر.س3.00 per share at 4.7% yield Eligible shareholders must have bought the stock before 08 February 2024. Payment date: 21 February 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.7%. Within top quartile of Saudi dividend payers (4.6%). In line with average of industry peers (4.5%). Announcement • Dec 18
SABIC Agri-Nutrients Company Announces Distribution of Interim Cash Dividends for Second Half of 2023, Payable on February 21, 2024 SABIC Agri-Nutrients Company announced Board decision to distribute interim cash dividends to Shareholders for the second half of 2023. Dividend per share SAR 3. The Total amount distributed: SAR 1,428,106,212. The eligibility date is February 7, 2024. The eligibility of Cash dividend will be to Shareholders who own the company shares on the Eligibility date and enrolled in the Company's register at Securities Depository Center Company by the end of the second trading day following the due date. Distribution Date: February 21, 2024. Major Estimate Revision • Nov 20
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ر.س10.8b to ر.س10.9b. EPS estimate increased from ر.س7.21 to ر.س8.04 per share. Net income forecast to shrink 16% next year vs 148% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target of ر.س144 unchanged from last update. Share price rose 2.7% to ر.س137 over the past week. New Risk • Nov 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 40% Last year net profit margin: 57% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (99% cash payout ratio). Profit margins are more than 30% lower than last year (40% net profit margin). Reported Earnings • Nov 03
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: ر.س2.67b (down 40% from 3Q 2022). Net income: ر.س1.05b (down 55% from 3Q 2022). Profit margin: 39% (down from 53% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.6%. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Saudi Arabia are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: ر.س1.37 (vs ر.س6.35 in 2Q 2022) Second quarter 2023 results: EPS: ر.س1.37 (down from ر.س6.35 in 2Q 2022). Revenue: ر.س2.63b (down 54% from 2Q 2022). Net income: ر.س651.0m (down 79% from 2Q 2022). Profit margin: 25% (down from 53% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 8.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Saudi Arabia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 10
Upcoming dividend of ر.س3.00 per share at 8.4% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of Saudi dividend payers (4.1%). Higher than average of industry peers (5.1%). Major Estimate Revision • Apr 14
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ر.س12.1b to ر.س11.4b. EPS estimate rose from ر.س7.82 to ر.س9.21. Net income forecast to shrink 56% next year vs 21% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س155 to ر.س151. Share price was steady at ر.س128 over the past week. Upcoming Dividend • Mar 20
Upcoming dividend of ر.س8.00 per share at 12% yield Eligible shareholders must have bought the stock before 27 March 2023. Payment date: 13 April 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of Saudi dividend payers (4.7%). Higher than average of industry peers (6.3%). Major Estimate Revision • Mar 15
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ر.س13.4b to ر.س12.1b. EPS estimate unchanged from ر.س9.01 per share at last update. Chemicals industry in Saudi Arabia expected to see average net income decline 28% next year. Consensus price target broadly unchanged at ر.س156. Share price was steady at ر.س131 over the past week. Announcement • Dec 20
SABIC Agri-Nutrients Company Recommends Cash Dividend for the Second Half of 2022 SABIC Agri-Nutrients Company clarified to the shareholders that the Board of Directors recommend to distribution SAR 4 per share for the second half of the year 2022 and in view of the company outstanding performance, the Board of Directors recommend to distribution of an additional SAR 4 riyals per share, so that the total amount of distribution for the second half of 2022 is SAR riyals per share. Number of Shares Eligible for Dividends: 476,035,404 Shares. Distribution date will be announced later. Buying Opportunity • Nov 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ر.س174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 68% over the last 3 years. Earnings per share has grown by 74%. Revenue is forecast to decline by 29% in 2 years. Earnings is forecast to decline by 40% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Yousef Alsuhaibani was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: ر.س4.42b (up 100% from 3Q 2021). Net income: ر.س2.33b (up 93% from 3Q 2021). Profit margin: 53% (down from 55% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is expected to fall by 22% p.a. on average during the next 3 years compared to a 5.4% decline forecast for the Chemicals industry in Saudi Arabia. Major Estimate Revision • Oct 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ر.س17.6b to ر.س19.5b. EPS estimate unchanged at ر.س20.18. Net income forecast to shrink 12% next year vs 12% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س177. Share price rose 2.9% to ر.س173 over the past week. Announcement • Sep 29
SABIC Agri-Nutrients Co. Announces Board Changes SABIC Agri-Nutrients Co. announced the resignation of the Chairman of the Board of Directors, Mr. Yousef Bin Abdullah Al-Benyan, Based on the issuance of Royal Decree No. A/62 dated 01 Rabi’ Al-Awwal 1444, corresponding to 27 September 2022, appointing His Excellency as Minister of Education. Accordingly, SABIC Agri-Nutrients Co. would like to announced the Board approval for the resignation of Mr. Yousef Bin Abdullah Al-Benyan (Non-Executive Member) representative of the Saudi Basic Industries Corporation (SABIC), from the Board and the sub-committees memberships, starting from 02 Rabi’ Al-Awwal 1444, corresponding to 28 September 2022 and the Board approved the appointment of Eng. Abdulrahman Bin Saleh Al-Fageeh (Non-Executive Member) representative of the Saudi Basic Industries Corporation (SABIC), starting from 02 Rabi’ Al-Awwal 1444, corresponding to 28 September 2022. Buying Opportunity • Sep 18
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be ر.س199, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years. Earnings per share has grown by 63%. Revenue is forecast to decline by 28% in 2 years. Earnings is forecast to decline by 33% in the next 2 years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: ر.س6.35 (vs ر.س1.76 in 2Q 2021) Second quarter 2022 results: EPS: ر.س6.35 (up from ر.س1.76 in 2Q 2021). Revenue: ر.س5.70b (up 210% from 2Q 2021). Net income: ر.س3.02b (up 262% from 2Q 2021). Profit margin: 53% (up from 46% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 6.8% compared to a 3.8% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 11
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ر.س16.0b to ر.س17.9b. EPS estimate increased from ر.س16.13 to ر.س19.28 per share. Net income forecast to grow 4.8% next year vs 8.5% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target up from ر.س164 to ر.س170. Share price rose 10% to ر.س154 over the past week. Upcoming Dividend • Jul 11
Upcoming dividend of ر.س4.00 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 01 August 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Saudi dividend payers (4.6%). Higher than average of industry peers (5.1%). Major Estimate Revision • Jul 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ر.س16.2b to ر.س16.0b. EPS estimate rose from ر.س13.39 to ر.س15.59. Net income forecast to shrink 8.4% next year vs 13% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س170 to ر.س167. Share price rose 2.7% to ر.س138 over the past week. Announcement • Jun 30
SABIC Agri-Nutrients Company Announces Cash Dividend for the First Half of 2022 SABIC Agri-Nutrients Company announced board decision to distribute cash dividend of SAR 4 per share to shareholders for the first half of 2022. The total amount distributed is SAR 1,904,141,616. Buying Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ر.س190, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to decline by 16% in 2 years. Earnings is forecast to decline by 47% in the next 2 years. Major Estimate Revision • Jun 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ر.س13.5b to ر.س16.5b. EPS estimate reaffirmed at ر.س12.79. Net income forecast to shrink 26% next year vs 9.6% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س177 to ر.س174. Share price rose 5.7% to ر.س155 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ر.س5.28 (up from ر.س0.89 in 1Q 2021). Revenue: ر.س4.66b (up 209% from 1Q 2021). Net income: ر.س2.51b (up 495% from 1Q 2021). Profit margin: 54% (up from 28% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 8.9% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.0%. The fair value is estimated to be ر.س190, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to decline by 4.7% per annum. Earnings is also forecast to decline by 5.2% per annum over the same time period. Price Target Changed • Apr 27
Price target increased to ر.س175 Up from ر.س164, the current price target is an average from 8 analysts. New target price is 6.9% above last closing price of ر.س164. Stock is up 50% over the past year. The company is forecast to post earnings per share of ر.س14.87 for next year compared to ر.س10.98 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Yousef Alsuhaibani was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 15
SABIC Agri-Nutrients Company Approves the Recommendation Cash Dividend for the Second Half of the Year 2021, Payable on April 27, 2022 SABIC Agri-Nutrients Company Approved the recommendation of the Board of Directors to distribute cash dividends to shareholders for the second half of the year 2021 with total amount (SAR 1,428,106,212) at SAR 3 per share, which represents (30%) of par value. Eligibility for the second half dividends of the year will be to the shareholders registered in the Company-s share registry at the Depository Center at the end of the second trading day following Extraordinary General Meeting date, the date of the distribution will be on April 27, 2022. Price Target Changed • Apr 13
Price target increased to ر.س176 Up from ر.س164, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ر.س180. Stock is up 81% over the past year. The company is forecast to post earnings per share of ر.س13.75 for next year compared to ر.س10.98 last year. Upcoming Dividend • Apr 07
Upcoming dividend of ر.س3.00 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 24 April 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Saudi dividend payers (4.1%). In line with average of industry peers (3.5%). Major Estimate Revision • Mar 28
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ر.س10.7b to ر.س11.8b. EPS estimate unchanged from ر.س12.76 at last update. Chemicals industry in Saudi Arabia expected to see average net income decline 7.5% next year. Consensus price target up from ر.س164 to ر.س170. Share price was steady at ر.س179 over the past week. Reported Earnings • Mar 08
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ر.س10.98 (up from ر.س3.11 in FY 2020). Revenue: ر.س9.59b (up 188% from FY 2020). Net income: ر.س5.23b (up 304% from FY 2020). Profit margin: 55% (up from 39% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 2.0% compared to a 1.7% decline forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 20% share price gain to ر.س176, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Chemicals industry in Saudi Arabia. Total returns to shareholders of 135% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س135 per share. Reported Earnings • Feb 05
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ر.س10.98 (up from ر.س3.11 in FY 2020). Revenue: ر.س9.59b (up 188% from FY 2020). Net income: ر.س5.23b (up 304% from FY 2020). Profit margin: 55% (up from 39% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 4.9%, compared to a 13% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 25% per year. Announcement • Jan 25
SABIC Agri-Nutrients Company (SASE:2020) entered into an agreement to acquire 49% stake in ETG Inputs Holdco Limited for an enterprise value of $320 million. SABIC Agri-Nutrients Company (SASE:2020) entered into an agreement to acquire 49% stake in ETG Inputs Holdco Limited for an enterprise value of $320 million on January 24, 2022. The acquisition will be financed through own resources in addition to bank facilities. The transaction is subject to regulatory approval. Major Estimate Revision • Jan 17
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ر.س8.83b to ر.س9.06b. EPS estimate increased from ر.س8.92 to ر.س9.90 per share. Net income forecast to grow 95% next year vs 4.8% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س154. Share price rose 2.9% to ر.س180 over the past week. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS ر.س2.53 (vs ر.س0.95 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س2.21b (up 145% from 3Q 2020). Net income: ر.س1.21b (up 204% from 3Q 2020). Profit margin: 55% (up from 44% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 27
Price target increased to ر.س135 Up from ر.س124, the current price target is an average from 7 analysts. New target price is 22% below last closing price of ر.س173. Stock is up 121% over the past year. The company is forecast to post earnings per share of ر.س8.14 for next year compared to ر.س3.11 last year.