Safco Q2 net up 89pc on higher prices
Riyadh, July 10, 2010
Saudi Arabian Fertilizers Company (Safco) posted a better-than-expected 89 per cent rise in its second-quarter net profit on improved prices for its products and non-recurring proceeds from land sale.
Safco, which produces urea and ammonia, made a net profit of SR907 million ($241.9 million) in the three months to end-June compared to SR480 million a year-earlier, the firm said in a bourse statement.
This was above the average forecast of SR785.7 million in a Reuters survey. Safco, in which Saudi Basic Industries Corporation holds a 42 per cent stake, said in April it stood to gain SR263.4 million from the sale of two land parcels.-Reuters