FINANCIAL NEWS

Saudi Safco reports 30% jump in Q3 net profit

13 Oct 2010

(MENAFN) Saudi Arabian Fertilizers Co (Safco) said that it has posted a 30 percent rise in its third-quarter net profit after a rise in global prices, Reuters reported.

Safco, which produces urea and ammonia, made $161.1 million in the three months to the end of September up from $123.7 million a year earlier.

The results for Safco, in which Saudi Basic Industries Corp (SABIC) holds a 43 percent stake, were below the average estimate of $170.7 million.

Operating profit rose 24 percent year-on-year during the third quarter to $142.9 million. In the second quarter, it rose 27.4 percent to $148.8 million and was up 41 percent to $165 million in the first quarter.

The data showed a continued slowdown in the growth of its operating margins compared to the previous two quarters.

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