Saudi Arabian Fertilizers Co (Safco) on Sunday said its quarterly net profit fell 13 percent, missing analysts expectations for the second straight quarter.

Safco made 790 million riyals ($210.7 million) in the second  quarter, compared with 907.2 million riyals in the prior-year period when its results were boosted by sale of land.   

Analysts had forecast average second-quarter earnings of 994.3 million riyals, in a Reuters survey.

The company said sales of ammonia declined in the second-quarter and average urea prices were also lower on a sequential basis. Operating profits at Safco rose 36 percent to 757 million riyals versus 558 million riyals year-ago.   

Safco said it would pay a dividend of 6 riyals a share for the first half of the year. Saudi Arabian Basic Industries Corp holds a 42.9 percent stake in Safco.

Safco shares have gained 17.5 percent year-to-date. - Reuters