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FINANCIAL NEWS
Saudi Safco reports 89% jump in Q2 profits
11 Jul 2010
(MENAFN) Saudi Arabian Fertilizers Company (Safco) announced that it has registered a better-than-expected 89 percent rise in its second-quarter net profit on improved prices for its products and non-recurring proceeds from land sale, Reuters reported.
Safco, which produces urea and ammonia, made a net profit of $241.9 million in the three months to end-June compared to $128 million a year-earlier, the firm said in a bourse statement.
The company, in which Saudi Basic Industries Corporation holds a 42 percent stake, said in April it stood to gain $70.2 million from the sale of two land parcels.
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