Home Industry Saudi’s SAFCO Q1 Net Profit Drops 9.6%, Beat Estimates The firm made a quarterly net profit of 843 million riyals ($224.8 million), compared to 932 million riyals in the corresponding period of last year. by Reuters April 13, 2014 Follow us Follow on Google News Follow on Facebook Follow on Instagram Follow on X Follow on LinkedIn Saudi Arabia Fertilizers Co reported a 9.6 per cent drop in first-quarter net profit on Sunday, as prices for its products fell, but the earnings still beat analyst estimates. The company, a unit of Saudi Basic Industries Corp (SABIC), said it made a quarterly net profit of 843 million riyals ($224.8 million), compared to 932 million riyals in the corresponding period of last year. The earnings beat the average estimate of eight analysts polled by Reuters, who forecast a net profit of 830.1 million riyals for the quarter. SAFCO, a big producer of ammonia and urea, is dependent on global demand and prices. It attributed its fall in profits to a decrease in sales price for its products. 0 Comments