Saudi's SAFCO blames fall in Q2 net profit on lower urea prices

15 July 2013 13:39  [Source: ICIS news]

LONDON (ICIS)--Saudi Arabian Fertilizer Co's (SAFCO) second-quarter net profit fell 25.6% quarter-on-quarter to Saudi riyal (SR) 693m ($184.8m, €142.3m) from SR932m due to lower urea prices, the company announced on Sunday.

In a brief filing to the Kingdom's stock exchange, the SABIC subsidiary said despite higher sales during the 13-week period, net income slipped 11.6% year on year due to the recent fall in prices of the nitrogen fertilizer. Gross profit fell 23.6% quarter on quarter to SR652m from SR853m, it added.

For the first six months of 2013, the producer's net profit edged up 3.4% to SR1.63bn from SR1.57bn in the year-ago period.

The ammonia and urea manufacturer's first half gross profit was 0.5% higher than the year-ago period at SR1.51bn.

($1 = SR3.75) ($1 = €0.77)

By: Richard Ewing
+44 208 652 3214

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