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FINANCIAL NEWS
Saudi Arabia Fertilizer Co. sees 13% drop in revenue from last year
10 Jul 2011
(MENAFN) Saudi Arabia Fertilizer Co. (Safco) disappointed analysts on Sunday by posting a 13 percent year on year drop in net revenue for the second-quarter of this year, Bloomberg reported.
Jabail-based Safco’s net revenue fell from USD242 million in second quarter of 2010 to USD211 million this year.
The company, which is 43 percent owned by Saudi Basic Industries Corp. (SABIC), said one-time gains from a land sale inflated revenue in the second quarter of last year.
Ahmed Shams El Din, a Cairo-based analyst at EFG-Hermes Holding SAE, said he had expected Safco to post an increase in profits to USD267 million due to 14 percent higher ammonia prices and 7 percent higher urea prices.
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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