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