DUBAI: Saudi Arabia Fertilizers Co. (SAFCO) posted a 6.7 percent drop in its second-quarter net profit on Sunday, although the earnings still beat analysts' forecasts.

SAFCO, a unit of Saudi Basic Industries Corp. (SABIC), one of the world's biggest petrochemical companies, said it made SR596 million ($158.9 million) in the three months to June 30, compared to SR639 million a year ago.

A group of seven analysts polled by Reuters had, on average, forecast that SAFCO would make a quarterly profit of SR518.4 million. The company attributed the drop in profit to a decrease in selling prices for the company's products and the sale of lower quantities of ammonia. Although, sale quantities of urea increased, which reduced the impact of falling prices, it said.

SAFCO, a big producer of ammonia and urea, is dependent on global demand and prices.