Saudi's SAFCO Q4 net profit drops 10%

Company misses analysts' forecasts for quarter due to lower Urea prices

(Getty Images)

(Getty Images)

Saudi Arabian Fertilisers Company (SAFCO) posted a 10.3 percent 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 SAR1.146bn in the three months ending on December 31 compared with SAR1.277bn in the same period a year earlier, it said.

Nine analysts polled by Reuters expected the firm to post on average a 3.4 percent 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 percent to SAR1bn from SAR1.1bn in the same period a year earlier.

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