Safco Q1 net profit rises 19pc
Riyadh, April 12, 2011
Saudi Arabian Fertilizers Co (Safco) reported a 19 percent rise in first-quarter net profit due to higher product selling prices it said on Tuesday.
Safco made 833 million riyals ($222.1 million) in the three months to end-March, compared to 698 million riyals in the same period a year earlier, it said in a statement on Saudi Arabia's bourse website.
Analysts in a Reuters survey earlier in April forecast an average net profit of 973.56 million riyals. However net profit fell 19 percent from the fourth quarter of last year as sales volumes declined, Safco said on Tuesday.
Gross profit for the quarter climbed 21 percent to 775 million riyals compared to the same period a year ago while operating profit jumped 22 percent to 757 million riyals, it said.
Saudi Arabian Basic Industries Corp (Sabic) has a 42.9 percent stake in Safco.
Safco's shares eased 0.8 percent to 179.5 riyals a share in earlier trading on Tuesday, underperforming Saudi's bourse slightly.
The firm's earnings were released after the close of business on the kingdom's stock exchange. - Reuters