Riyadh – Mubasher: Saudi Arabian Fertilizer Co. (SAFCO) registered a decline of 20.685% in net profit, after zakat and tax, during the third quarter of 2019, compared to the same quarter a year ago.
Net profit plunged to SAR 414.21 million in Q3-19 from SAR 522.24 million in Q3-18, due to lower quantities sold and average selling prices of products, in addition to a decline in the company’s share of Ibn Al Baytar’s net income.
Similarly, SAFCO’s operating profit shrank by 24.431% to SAR 363.66 million in Q3-19 from SAR 481.23 million in Q3-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.
As for the first nine months of 2019, the company posted a decrease of nearly 3.4% in net profit to SAR 1.13 billion from SAR 1.169 billion in the corresponding period a year ago.
Revenues narrowed by 11.83% to SAR 2.44 billion by the end of the period on 30 September 2019 when compared to SAR 2.769 billion in the same period in 2018.
Earnings per share stood at SAR 2.71 in 9M-19 from SAR 2.81 in 9M-18.
It is worth noting that during the second quarter this year, SAFCO’s net profit declined to SAR 380.4 million from SAR 410.46 million in Q2-18.
