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SAFCO’s profit hikes 177% in Q3

SAFCO’s profit hikes 177% in Q3
SAFCO’s profits jumped 43.3% to SAR 1.17 billion during the first nine months of 2018
SABIC AGRI-NUTRIENTS
2020.B
1.52% 133.60 2.00

Riyadh – Mubasher: Saudi Arabia Fertilizers Company (SAFCO) on Wednesday reported a 177.2% year-on-year profit surge for the third quarter of 2018.

Net profits amounted to SAR 522.24 million in Q3-18, compared to SAR 188.42 million in Q3-17, according to a filing to the Saudi Stock Exchange (Tadawul).

The third-quarter profit increase was attributed to a rise in sold quantities and an increase in average selling prices of the company’s products, in addition to a growth in the company’s share of the profit from Ibn Al-Baytar Company.

For the first nine months of 2018, SAFCO’s profits jumped 43.3% to SAR 1.17 billion, versus SAR 816.12 million in the same period of the prior year.

By the end of Wednesday’s session, SAFCO’s stock rose 0.13% at SAR 79.80.