Riyadh - Mubasher: Saudi Arabian Fertilisers Company (SAFCO) reported a net profit of SAR 284.5 million ($75.87 million) in the fourth quarter of 2016 compared to SAR 378.6 million ($100.96 million) in the same quarter the year before.
According to the company’s statement to the Saudi Stock Exchange (Tadawul), profits in Q4 declined by 24.85% year-on-year, and increased by 56.84% quarter-on-quarter, while profits in 2016 dropped by 50.65% to SAR 1.051 billion compared to SAR 2.13 billion in 2015.
The decline in Q4-16 profits compared to Q4-15 is attributed to lower selling prices for the company's products and the increase in feedstock costs and utilities, as well as the decrease in the share of income from IBN ALBAYTAR Company because of schedule shutdown. However, an increase in quantities sold for the Urea and Ammonia product minimized the effect, the statement explained.
