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FINANCIAL NEWS
Saudi Safco reports 18% increase in Q1 profits
15 Apr 2013
(MENAFN) Saudi Arabian Fertilizer Co. (SAFCO) announced that its profits grew 18 percent in the first quarter, reaching USD249 million, reported Bloomberg.
SAFCO said that compared with the previous quarter, net income declined 19 percent.
The Jubail, Saudi Arabia-based firm attributed the drop to maintenance work at one of its plants, which hampered sales, in addition to a fall in ammonia prices.
It is worth mentioning that Saudi Basic Industries (SABIC), the biggest petrochemicals maker by market value in the world, holds a 43-percent stake in Safco.
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