Safco registers its highest quarterly profit

11 Apr 2010

(MENAFN) Saudi Arabian Fertilizers Co (Safco) posted its highest quarterly net profit since the start of the global financial crisis, mainly on the back of higher ammonia and urea prices, Reuters reported.

The firm unveiled a better-than-expected 33 percent hike in its net profit for the quarter with $186.1 million, compared to 140 million in the corresponding period a year earlier.

Safco said that prices during the first quarter improved compared to the year-earlier period, while sales volumes were up compared only to the fourth quarter.

Safco registered its highest quarterly net profit since the third quarter of 2008, when Safco and global chemical giant Saudi Basic Industries Corp (Sabic), which owns 42.9 percent of Safco, first felt repercussions from the global economic slump.

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