Saudi Arabian Fertilisers Company (Safco) posted a 197 per cent rise in third-quarter profit, in line with analysts' forecasts, due mainly to higher prices of products.

Safco said it made SR1.83 billion in the three months to September 30, up from SR616.20 million s a year earlier.

"The third quarter witnessed the highest profits the company made in a single quarter since its inception," it said in a statement posted on the bourse website.

"The increase was mainly due to improvement in the sale price of the company's products," it added. Analysts' forecasts for Safco's third-quarter profit ranged from 1.04 billion riyals to SR1.94 billion, according to a Reuters survey last month.

The company is controlled by Saudi Basic Industries Corporation (Sabic), the world's largest chemical firm by market value.-Reuters