Sabic affiliates Safco and YanSab report lower fourth quarter profits; Kayan's losses mount

Saudi Arabian Fertilizer Company (Safco; Al Jubail) says its net profit in the fourth quarter reached 1.15 billion Saudi riyals ($305.6 million) compared with SR1.28 billion in the year-earlier quarter. Operating profit in the last quarter of 2012 was 7% lower, at SR1.02 billion. Safco cites lower urea prices as the main reason for the decline in profits. Yanbu National Petrochemical (YanSab; Yanbuʿ), meanwhile, announced a 4% drop in fourth quarter net profit, to SR640.77 million. Operating income in the fourth quarter of 2012 was SR727.9 million compared...

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