Safco Q3 profit dives 75pc on lower prices
Riyadh, October 10, 2009
Saudi Arabian Fertilisers Co (Safco) posted a 74.6 percent drop in third-quarter profit after global prices declined.
Safco said it made SR464 million ($123.7 million) in the three months to September 30, up from a SR1.83 billion record net profit it made a year earlier.
'The decline during the third quarter compared to both the same period of 2008 and the second quarter of 2009 is due to a decrease in global prices,' Safco said in a statement posted on the bourse website.
Saudi Basic Industries Corp (Sabic) holds a 42.9 per cent stake in Safco. – Reuters
More Industry, Logistics & Shipping Stories
- Abu Dhabi port sets container throughput record
- Alba unit to mark HSE week
- Mideast air freight growth up 12.3pc
- Tycoon Sawiris announces $1bn Egypt investment
- Drydocks to build giant jack-up rigs in Dubai
- iMENA unveils big Saudi investment plans
- Top industrial trade fair opens in Oman
- Siemens names key Middle East officials
- Dow plans to sell chlorine operations
- Sabic opens $100m R&D centre in China