RIYADH: Saudi Arabian Fertilizers Co (Safco) posted a 30 percent rise in its third-quarter net profit after a rise in global prices.
Safco, which produces urea and ammonia, made 604 million riyals ($161.1 million) in the three months to the end of September up from 464 million riyals a year earlier.
The results for Safco, in which Saudi Basic Industries Corp (SABIC) holds a 43 percent stake, were below the average estimate of 640 million riyals in a Reuters’ poll of analysts.
Earnings per share stood at 8.84 riyals in the nine months to the end of September up from 5.88 riyals a year earlier.
Operating profit rose 24 percent year-on-year during the third quarter to 536 million riyals. In the second quarter, it rose 27.4 percent to 558 million riyals and was up 41 percent to 618 million riyals in the first quarter.
The data showed a continued slowdown in the growth of its operating margins compared to the previous two quarters.
Safco shares have gained 21 percent this year, far outperforming the petrochemical index and the all-share index.
