SearchSummarized Consolidated Statement of Income
The financial performance was strong throughout 2021, driven by the higher selling prices of our key products and focus on capital discipline.
SUMMARIZED CONSOLIDATED STATEMENT OF INCOME
(All amounts in billions unless otherwise stated)
| SAR in Billion | 2021 | 2020 | % Change | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|
| Sales | 174.88 | 116.95 | 50% | 135.40 | 169.13 | 149.77 |
| Gross profit | 51.09 | 22.64 | 126% | 29.41 | 57.84 | 49.91 |
| Income from operations | 33.24 | 4.57 | 627% | 11.52 | 36.28 | 29.00 |
| Net Income | 23.07 | 0.07 | NM* | 5.20 | 21.52 | 18.43 |
| US$ in Billion | 2021 | 2020 | % Change | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|
| Sales | 46.64 | 31.19 | 50% | 36.11 | 45.10 | 39.94 |
| Gross profit | 13.62 | 6.04 | 126% | 7.84 | 15.42 | 13.31 |
| Income from operations | 8.86 | 1.22 | 627% | 3.07 | 9.67 | 7.73 |
| Net Income | 6.15 | 0.02 | NM* | 1.39 | 5.74 | 4.91 |
*Not meaningful
Sales of SAR 174.88 compared to SAR 116.95 in 2020, an increase of SAR 57.93 or 50%, primarily driven by the increase in the average selling prices where the four segments recorded double digits increase in sales for the year ended December 31, 2021 despite the lower sales volume by 3%. Petrochemicals and Specialties sales represent 86% of the group’s total sales in the amount of SAR 149.88, an increase of SAR 49.24 or 49% compared to 2020. Agri-nutrients sales amounted to SAR 12.19 an increase of SAR 5.4 or 80% and Hadeed sales amounted to SAR 12.81, an increase of SAR 3.29 or 35%, compared to 2020.
Income from operations of SAR 33.24 compared to SAR 4.57 in 2020, an increase of SAR 28.67 principally due to the improved products margins resulted into an increase in gross profit by SAR 28.45 despite the increase in feedstock prices. Furthermore, the improved margins has also led to an increase in the share of results from integral joint ventures by SAR 2.27, from SAR 1.01 in 2020 to SAR 3.28 in 2021. This was partially offset by an increase in selling, general, and administrative expenses primarily due to the increase in freight costs.
Income tax and Zakat charge was SAR 3.59 compared to SAR 2.02 in 2020, an increase of SAR 1.57. The increase was mainly driven by the higher income in the jurisdictions inside and outside Saudi Arabia.
Net income of SAR 23.07 in 2021 compared to SAR 0.07 in 2020, principally driven by the improved products margins and increase in the share of results from associates and joint ventures.
Note:
The revenue information above is based on the locations of the customers
* Others mainly includes sales made by certain subsidiaries to their foreign shareholders and for which detailed geographical breakdown for final end consumer sales is not available with the Group.