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Sabic Nutrients Profits Beat Expectations
Saudi Basic Industries Corporation (SABIC) Fertilizers' profits declined by more than 62% in the third quarter of 2026, due to decreased sales volumes and rising shipping and distribution costs caused by supply chain disruptions. However, the company's earnings exceeded analyst expectations, reaching approximately 484 million riyals compared to an anticipated 389 million riyals. The company faced challenges in selling its products because of shipping restrictions through the Strait of Hormuz, prompting it to diversify shipping routes via Red Sea ports and establish a land corridor from eastern to western Saudi Arabia. The company expects urea prices to stabilize in the last quarter of the year despite shipping challenges, with seasonal demand potentially increasing and Chinese exports declining. Nonetheless, shipping disruptions continue to impact the market. The company's stock dropped by 3%, reaching 109.6 riyals.
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