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Saudi Safco Q2 profit falls 13 pct; misses forecast - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – Saudi Arabian Fertilizers Co (Safco) on Sunday said its quarterly net profit fell 13 percent, missing analysts expectations for the second straight quarter.

Safco made 790 million riyals ($210.7 million) in the second quarter, compared with 907.2 million riyals in the prior-year period when its results were boosted by sale of land.

Analysts had forecast average second-quarter earnings of 994.3 million riyals, in a Reuters survey.

The company said sales of ammonia declined in the second-quarter and average urea prices were also lower on a sequential basis.

Operating profits at Safco rose 36 percent to 757 million riyals versus 558 million riyals year-ago.

Safco said it would pay a dividend of 6 riyals a share for the first half of the year. Saudi Arabian Basic Industries Corp holds a 42.9 percent stake in Safco.

Safco shares have gained 17.5 percent year-to-date.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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