KSA’s Sabic Agri-Nutrients reports a y-o-y dip in 3Q: Saudi chemicals manufacturer Sabic Agri-Nutrients reported a 55% decrease in net income y-o-y to SAR 1.04 bn, according to an 3Q 2023 earnings release (pdf). The company’s revenues also dipped 40% y-o-y to SAR 2.67 bn.

What’s behind these numbers? The y-o-y downtick is attributable to a 43% drop in average selling prices of the company's products despite a 6% increase in the quantity of the company's sold products, Sabic notes.

A slightly better 3Q compared to 2Q: The company saw a 2% increase in net income q-o-q due to a 5% increase in average selling prices of company products, compared to the 3% sales volume decrease in 2Q, the firm said.

Q4 outlook: “Resilient global demand and higher-cost winter-time energy supply together with lower-than anticipated Chinese export volumes lend support to the urea market in 4Q 2023,” the company notes, adding that “healthy demand from major importers in the Americas, Africa, and Europe ahead of the new-crop planting season” would lead to an uptick in its production volumes.