Riyadh – Mubasher: The Saudi Arabian Fertilizer Co (SAFCO) on Thursday reported a 43.97% year-on-year decline in its net profits for the first quarter of 2018.

SAFCO’s net profits amounted to SAR 237.2 million during Q1-18, down from  SAR 423.36 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi fertilizer firm attributed the negative turn in its financials to the rise of expenses after restructuring administration, in addition to a decline in its stake in Ibn AlBaytar's profits.

Sales revenues fell 4.24% to SAR 810.76 million in the three-month period ended 31 March 2018, compared to SAR 846.65 million in the year-ago period.

The stock declined 1.11% to close Wednesday at SAR 68.69.