Safco's 2012 profits down on lower volumes; Ma'aden begins to re-commission DAP plant

Sabic’s subsidiary Saudi Arabian Fertilizer Company (Safco; Jubail, Saudi Arabia) has announced a 6% drop in net profit for full-year 2012. Net profit in the year ended 31 December 2012 reached 3.87 billion Saudi riyals ($1.03 billion) compared with SR4.11 billion in 2011. Earnings per share were SR11.60 compared with SR12.33 in 2011. Safco’s gross profit declined 4.2% to SR3.6 billion while operating profit was SR3.52 billion compared with SR 3.67 billion in 2011. Sales were not disclosed.   The decrease in 2012 profits was due to lower sales...

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