Saudi Arabian Fertilizer Co., (SAFCO) an affiliate of Saudi Basic Industries Corp., posted an 18 percent increase in first-quarter profit.
Net income of the company climbed to SR 932 million from SR 787 million a year earlier, the Jubail, the company said in a statement. The company’s net income decreased 19 percent from the fourth quarter as maintenance work at one of the plants affected sales and ammonia prices fell, the company said.
Saudi Basic Industries (SABIC) owns 43 percent of Safco.
Safco is the third associate company of Sabic to report first-quarter results.
Saudi Kayan Petrochemical Co. (KAYAN)’s loss widened to SR 155 million from SR 71 million.
Yanbu National Petrochemical Co. posted a 7.4 percent decline first-quarter profit.
SAFCO Q1 profit rises 18%
