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Sat 3 Jul 2010 11:16 AM

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Saudi Arabia's Safco to pay SR6 dividend for H1

Saudi Arabian Fertilisers Co's total dividend payment amounts to SR1.5bn ($400m).

Saudi Arabia's Safco to pay SR6 dividend for H1
(Getty Images)

Saudi Arabian Fertilizers Co (SAFCO) will pay a dividend of 6 riyals per share for the first half of 2010, the firm said on Saturday.

The firm's total dividend payment amounts to 1.5 billion riyals ($400 million), the statement said.

Earlier, in April, Safco beat first-quarter earnings forecasts, posting its highest quarterly net profit since the start of the global slowdown, helped by higher ammonia and urea prices.

It was Safco's highest quarterly net profit since the third quarter of 2008, when Safco and global chemical giant Saudi Basic Industries Corp (SABIC), which owns 42.9 percent of Safco, first felt repercussions from the global financial crisis. (Reuters)

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