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Safco profit falls below forecasts

Riyadh, January 11, 2010

Saudi Arabian Fertilizers Company (Safco) said its net profit fell by a worse-than-expected 29.9 percent in the fourth quarter after plant maintenance slashed output.

Safco made 376 million riyals ($100.3 million) in the three months to end-December down from 536 million riyals it made a  year-earlier, the company said in a statement posted on the bourse's website.

Analysts' forecast of Safco's fourth quarter earnings ranged from 515.7 million riyals to 330 million riyals, according to a Reuters survey earlier this month.

Saudi Arabian Basic Industries Corp (Sabic) holds a 42.9 percent stake in Safco. - Reuters




Tags: sabic | Safco | industry | Fertiliser |

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