Safco posts 197% increase in Q3 profit

by This email address is being protected from spam bots, you need Javascript enabled to view it on Saturday, 11 October 2008

Saudi Arabian Fertilisers Co (Safco) posted a 197 percent rise in third-quarter profit, in line with analysts' forecasts, due mainly to higher prices of products.

Safco said it made 1.83 billion riyals ($488 million) in the three months to September 30, up from 616.20 million riyals a year earlier.

"The third quarter witnessed the highest profits the company made in a single quarter since its inception," it said in a statement posted on the bourse website.

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"The increase was mainly due to improvement in the sale price of the company's products," it added.

Analysts' forecasts for Safco's third-quarter profit ranged from 1.04 billion riyals to 1.94 billion riyals, according to a Reuters survey last month.

The company is controlled by Saudi Basic Industries Corp (SABIC), the world's largest chemical firm by market value.

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