Saudi Arabian Fertilizers Co (Safco) said on Sunday its net profit nearly tripled in the fourth quarter buoyed by higher prices, beating estimates.
Safco made $266.7m in the quarter after $100.2m a year ago but revised its net profit for the fourth quarter of 2009 to $89.3m, the company said in a statement posted on the bourse website.
The results beat analysts' average forecast of $205m.
"The rise in profits for 2010 and the fourth quarter of 2010 compared to the same periods the year earlier is due to improving prices of petrochemical products and increasing sales," the statement said.
Saudi Arabian Basic Industries Corp (SABIC) has a 42.9 percent stake in Safco.
Operating profit and gross profit for the fourth quarter both rose by 156 percent with operating profit reaching $238.9m for the fourth quarter and gross profit reaching $244.7 for the same period, the statement said.
Full year net profit rose by 79 percent to $853.2m. Earnings per share for the year reached $3.4, it said.
Shares at Safco closed 0.2 percent lower on Sunday, before the earnings were announced.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.