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Regions :: Middle East :: Saudi Arabia
Safco reports decline in profits on lower fertilizer sales
8:58 AM MDT | October 21, 2013 | Natasha Alperowicz
Saudi Arabia Fertilizer Co. (Safco, Al Jubail), citing lower fertilizer prices, today reported a major drop in profits. Net profit in the third quarter was down 36%, to 734 million Saudi riyals ($195.7 million). Operating profit was down 35%, to SR676 million. Safco, a Sabic affiliate, says that, despite higher sales volumes, the result was lower compared with the corresponding period of 2012. Sales have not been disclosed. Safco’s net profit for the nine months of this year declined 13%, to SR2.36 billion. Operating profit was 15% down, at SR2.14...
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