Recent Research

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  FIRST LOOK NOTES

  30 Apr 2025

  Saudi Arabian Fertilizer Co

  BUY

  Last Closing Price

  SAR 98.70

  Target Price

  SAR 130.00

  Upside (%)

  +31.71%

  Saudi Equity Research - SABIC Agri-Nutrients Co 1Q25 - First Look Note

  Revenue grew 22.1% YOY to SAR 3,074 Mn in 1Q25, driven by increased sales volumes and average selling price. Sales volume increased 18% YOY to 1,836 thousand MT in 1Q25 due to the completion of the scheduled turnaround of the Company's third plant for urea and ammonia production in 1Q24.

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• 

  FIRST LOOK NOTES

  10 Mar 2025

  Saudi Arabian Fertilizer Co

  BUY

  Last Closing Price

  SAR 109.80

  Target Price

  SAR 130.00

  Upside (%)

  +18.40%

  Saudi Equity Research - SABIC Agri-Nutrients Co 4Q24 - First Look Note

  SABIC AGRI-NUTRIENTS revenue increased 1.5% YOY to SAR 3,017 Mn in 4Q24, driven by growth in sales of agri-nutrients segment partially offset by a decline in sales of the petchem segment. The Company’s EBITDA margin grew 51 bps QOQ to 36.1%, while the net margin expanded 264 bps QOQ to 31.6% in 4Q24.

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• 

  FIRST LOOK NOTES

  15 Nov 2024

  Saudi Arabian Fertilizer Co

  ACCUMULATE

  Last Closing Price

  SAR 113.80

  Target Price

  SAR 130.00

  Upside (%)

  +14.24%

  Saudi Equity Research - SABIC Agri-Nutrients Co 3Q24 - First Look Note

  SABIC AGRI-NUTRIENTS revenue increased 6.7% YOY to SAR 2,850 Mn in 3Q24, driven by a 5% growth in sales volume and a 2% growth in average selling price. The Company’s gross margins grew 393 bps QOQ to 37.6%, while the EBITDA margin grew 115 bps QOQ to 35.5% in 3Q24.

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• 

  FIRST LOOK NOTES

  11 Oct 2024

  Saudi Arabian Fertilizer Co

  ACCUMULATE

  Last Closing Price

  SAR 114.80

  Target Price

  SAR 130.00

  Upside (%)

  +13.24%

  Strategic cost management and lower zakat expense drove the bottom line

  SABIC AGRI-NUTRIENTS revenue increased 1.8% YOY to SAR 2,676 Mn in 2Q24, driven by a 6% growth in sales volume partially offset by a 4% decline in average selling price.

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