Safco Q3 net profit falls 36%

JEDDAH: Saudi Arabian Fertilizer Co. (Safco) said its third-quarter net profit fell 36 percent on lower sale prices.
The company, a unit of Saudi Basic Industries Corp. (SABIC), said it made a quarterly net profit of 734 million riyals ($196 million), compared with a profit of SR1.1 billion for the year-ago quarter.
Ten analysts forecast the company — which produces ammonia and urea — would make a quarterly net profit of SR735 million, on average, in a Reuters poll.
Safco attributed the fall in a bourse statement to a decrease in prices of company products.