Riyadh – Mubasher: Saudi Arabian Fertilizer Co (SAFCO) registered a drop of 32.4% in net profits during the second quarter of 2017 compared to the same period a year ago.

Earnings shrank to SAR 204.3 million in Q2-17 from SAR 302.3 million in Q2-16, according to a bourse filing issued on Monday.

SAFCO’s total sales decreased by 4.3% to SAR 679.5 million in Q2-17 from SAR 709.9 million in Q2-16.

During the first six months of 2017, SAFCO’s profits increased by 8% to SAR 627.7 million from SAR 581.3 million in the same period last year.

The company’s total sales in H1-17 grew by 8.9% to SAR 1.53 billion from SAR 1.4 billion in H1-16, the statement added.

At the stock level, SAFCO closed Monday’s session 0.65% higher at SAR 64.82.