SAFCO, which produces urea and ammonia, made a net profit of SR1.2 billion ($319.97 million) in the third-quarter compared with SR604 million in the same period a year earlier.
Five analysts in a Reuters survey had forecast average third-quarter earnings of SR1 billion. Operating profit for the third-quarter increased by 97 percent to SR1.1 billion, SAFCO said in the statement.
Saudi Basic Industries Corp. (SABIC) holds a 42.9 percent stake in SAFCO.
Earlier this year, SABIC’s Chief Executive Mohamed Al-Mady said he expected growth in global demand for petrochemicals this year to match 2010 levels.
Last year, demand grew about 2 percent in Europe and about 3 percent in the US and 4-5 percent in the Middle East and other emerging markets.
“Prices of various fertilizer products increased in the range of 35-75 percent, with the most being recorded by Urea at 73.1 percent, said Hettish Karmani, senior financial analyst at Global Investment House, in an e-mailed statement.
Shares in SAFCO rose 0.1 percent by 09:00 GMT, losing some gains from earlier in the day. They have risen 15 percent year-to-date according to Reuters date.
