Saudi Safco Q3 net doubles, beats forecasts
Riyadh, October 9, 2011
Saudi Arabian Fertilizer Company's (Safco) third-quarter net profit doubled, beating analyst forecasts, after prices for its products rose globally, the company said in a bourse statement on Sunday.
Safco, which produces urea and ammonia, made a net profit of SR1.2 billion ($319.97 million) in the third-quarter compared with SR604 million in the same period a year earlier.
Five analysts, in a Reuters survey, had forecast an average third-quarter earnings of SR1 billion.
Operational profit for the third-quarter increased by 97 per cent to SR1.1 billion, Safco said in the statement. Its shares have risen 15 per cent year-to-date according to Reuters date.
Saudi Basic Industries Corporation (Sabic), the Arab world's largest chemical maker, holds a 42.9 per cent stake in Safco.-Reuters