S Arabia's SAFCO Q1 net profit up by 18% on higher product prices

15 April 2013 03:11  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabian Fertilizer Co’s (SAFCO) net profit rose by 18% year on year to Saudi riyal (SR) 932m in the first quarter of this year on the back of higher product prices, the company said over the weekend.

The producer’s gross profit was up by 13% year on year at SR853m for the January-March period, while its operating profit rose by 13% to SR830m, it said in a statement to the Saudi Stock Exchange (Tadawul).

SAFCO is an associate firm of Saudi Arabia’s petrochemical giant SABIC.

($1 = SR3.75)

By: Nurluqman Suratman

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