Riyadh – Mubasher: Saudi Arabian Fertilizer Co. (SAFCO) on Sunday announced the scheduled stoppage of its SAFCO 3 plant for maintenance works.
Operations at SAFCO 3, which produces ammonia and urea, will be suspended for 117 days starting Friday, 11 January 2019, the chemicals maker said in a statement to the Saudi Stock Exchange (Tadawul).
SAFCO expects the plant suspension to have a financial impact of around SAR 121 million, it said, adding that this impact will appear in its financial results for the first and second quarters of 2019.
We will work on reducing the impact of the suspension through the proper use of our available stockpiles, SAFCO highlighted.
The maintenance will enhance SAFCO 3’s energy use and add around 100,000 metric tonnes via the ammonia plant per annum, the statement showed.
SAFCO last posted a 177.2% year-on-year surge in profits to SAR 522.24 million in the third quarter of 2018 versus SAR 188.42 million, while nine-month results indicated a profit of SAR 1.17 billion, up 43.3% from SAR 816.12 million in the same period of 2017.
By 12:12 pm Saudi time, SAFCO’s stock shed 0.26% to SAR 76.20.
