Safco Q4 net profit plunges 10pc
Jeddah, January 12, 2013
Saudi Arabian Fertilizers Company (Safco) posted a 10.3 per cent decline in fourth-quarter net profits, missing analyst forecasts, due to lower urea prices, the firm said in a bourse statement on Saturday.
Safco, the affiliate of the world's biggest petrochemical company by market value, Saudi Basic Industries (Sabic), made SR1.146 billion in the three months ending on December 31 compared with SR1.277 billion in the same period a year earlier, it said.
Nine analysts polled by Reuters expected the firm to post on average a 3.4 per cent rise in its fourth-quarter net profit.
"The decrease in the fourth quarter, 2012 compared to the same quarter last year is due to lower urea prices," Safco said.
Operating profit for the fourth quarter fell by 7 per cent to SR1 billion from SR1.1 billion in the same period a year earlier.-Reuters