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FINANCIAL NEWS
Saudi Safco reports USD306m profit in Q3
14 Oct 2012
(MENAFN) Saudi Arabian Fertilizer Company (Safco), a unit of Saudi Basic Industries Corp (Sabic), the world’s biggest petrochemical company by market value, posted a 5.1 percent drop in quarterly profits on lower urea prices, Reuters reported.
The company said it earned USD306 million net profit during the third quarter compared to a year earlier.
However, the results were 47 percent higher than the second quarter, when a plant shut down impacted production.
Gross income for the quarter declined by 1.8 percent compared to a year ago, the company added.
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