Riyadh – Mubasher: Saudi Arabian Fertilisers Company’s (SAFCO) net profits dropped 68% year-on-year to SAR 181.4 million ($48.37 million) in the third quarter of 2016 from SAR 566.1 million ($150.96 million).
The decrease in the company’s Q2-16 net profits is attributed to lower prices of SAFCO’s products, higher feedstock price and electricity costs, according to a bourse filing on Monday.
The company’s net profits declined 56.2% to SAR 766.7 million in the first nine months of 2016 from SAR 1.75 billion in the prior-year period.
Revenues fell 22% to SAR 690 million on the back of the sales revenues which reached SAR 887 million, while revenues levelled down 24% to SAR 2.09 billion in the nine-month period ended on 30 September 2016.
