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FINANCIAL NEWS
Saudi SAFCO net profit declines by 51.5 percent
18 Apr 2016
(MENAFN) Saudi Arabia Fertilizers Co. (SAFCO) reported a 51.5 percent drop in first-quarter net profit which stood at USD 76.3mn, down from USD 157.12mn.
Moreover, the firm which reported falling profits was forecast by analysts to make USD 83.7mn during the cited quarter.
Additionally, the company’s earnings have been influenced hard by falling oil prices, which have dragged down product prices and cut the benefits.
On the other hand, the firm is also a huge producer of ammonia and urea, while since 2013 producers have voiced increasing concerns over the fall of urea prices.
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