Saudi Safco net profit falls 11.6%

SABIC unit made $185m in the second quarter

Safco said in a bourse statement that the fall in net income over the second quarter of last year was due to low prices for the fertiliser urea.

Safco said in a bourse statement that the fall in net income over the second quarter of last year was due to low prices for the fertiliser urea.

Saudi Arabian Fertilizer Co (Safco) said on Sunday its second-quarter net profit fell 11.6 percent from a year ago, missing analysts' forecasts, as higher sales volumes were undermined by low prices.

The company, a unit of Saudi Basic Industries Corp (SABIC) , one of the world's biggest petrochemical companies, said it made 693 million riyals ($185 million) in the second quarter, compared to 784 million riyals a year ago and 932 million in the first quarter.

A group of 11 analysts polled by Reuters had forecast on average that Safco would make 788 million riyals.

The company said in a bourse statement that the fall in net income over the second quarter of last year was due to low prices for the fertiliser urea, but that overall sales volumes had risen.

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