Riyadh – Mubasher: The financial results of Saudi Arabia Fertilizers Company (SAFCO) for the first nine months of 2017 showed a 6.3%-growth in net profits to SAR 816.12 million, compared to SAR 767.55 million in the year-ago period.
SAFCO’s net profit increased by 1.18% in the third quarter of 2017 to SAR 188.42 million from SAR 186.22 million in Q3-16, according to a company’s filing to the Saudi Stock Exchange (Tadawul).
The growth in net profits was caused by the increase in the company’s share in the profits of the National Chemical Fertilizers Company (Ibn Al-Bayttar) and the raise in urea’s price, SAFCO stated.
SAFCO’s saw a 32.4%-decline in net profits in the second quarter of 2017, which recorded SAR 204.3 million versus SAR 302.3 million in the comparative period of 2016.
