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FINANCIAL NEWS
Saudi SAFCO net profit up 24 percent in Q3
20 Oct 2014
(MENAFN) Saudi Arabia Fertilizers Co. announced registering a 24.4 percent rise in net profit in the July-September period, ending a period of a decrease in profit due to an increase in both sales prices and sales volumes, Arab News reported.
The company, which is a unit of one of the world’s biggest petrochemical companies, Saudi Basic Industries Corp. (SABIC), said its profit reached USD243.5 million in during the third quarter of this year, up from USD195.64 registered in the corresponding period last year.
SAFCO, which is a big producer of ammonia and urea, is dependent on global demand and prices, and this dependency led the company to report a decreasing profits for five consecutive quarters as it suffered from declining urea prices.
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