Saudi Fertilizers Co (Safco) said on Wednesday managing director Abdul-Aziz Al-Majed would step down and be replaced by Fahad Al-Otaibi.

The announcement comes after the urea and ammonia producer posted on Saturday a 60 percent drop in second-quarter profit, the sharpest of three straight falls in quarterly earnings due to a fall in global prices.

Safco said Majed would step down on July 31 when his term as managing director ended, Safco said in a statement posted on the bourse's website. It also did not say if Majed would remain at the company.

Saudi Basic Industries Corp holds a near 43 percent stake in Safco. - Reuters