Riyadh – Mubasher: The Saudi Arabian Fertilizer Co (SAFCO) on Thursday said that its net profits slid 76.71% year-on-year in the fourth quarter of 2017.
The fertilizers producer made net profits of SAR 62.51 million in Q4-17, down from SAR 268.4 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits retreated 66.82%.
The firm attributed the decline in its year-on-year net profits to a drop in sales due to halting SAFCO 4 turnaround reliability enhancement project for Ammonia plant and SAFCO 5 Schedule shutdown.
The fall of profits was attributed also to a rise in fixed and variable costs and in depreciation and amortisation expenses.
SAFCO’s profits tumbled 15.2% to SAR 878.63 million in 2017, compared to SAR 1.04 billion a year earlier.
The stock edged down 0.88%, closing Wednesday at SAR 68.43.
