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FINANCIAL NEWS
Safco’s net profit up 19%
13 Apr 2011
(MENAFN) Saudi Arabian Fertilizers Co. (SAFCO) said that the company’s first quarter’s net profits registered a 19 percent increase as prices of products increased, reported Arabian Business.
The company added that its gains in this year’s first quarter increased compared to the same period of last year, as it hits USD222.1 million and USD186 million respectively.
It also said that a 21 percent increase in the gross profit is estimated for the same quarter with USD206.6 million, compared with the same period in 2010. On the other hand net profit decreased 19 percent from last year’s fourth quarter.
It is worth noting that the Saudi Arabian Basic Industries Corp (SABIC) has a 42.9 percent stake in Safco.
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