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