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SAFCO reports SAR 1.74bn profit in 2018

SAFCO reports SAR 1.74bn profit in 2018
The company ascribed the fourth-quarter profit growth to a rise in its sold quantities
SABIC AGRI-NUTRIENTS
2020.B
1.52% 133.60 2.00

Riyadh – Mubasher: Saudi Arabia Fertilizers Co (SAFCO) on Monday posted an 809.5% year-on-year jump in net profits for the fourth quarter of 2018. 

SAFCO’s profits after calculating Zakat and Tax hit SAR 568.53 million during Q4-18, compared to SAR 62.51 million in Q4-17, according to a bourse filing.

The company ascribed the fourth-quarter profit growth to a rise in its sold quantities and higher average selling prices.

Revenues skyrocketed 77% to SAR 1.09 billion from October to December last year, compared to SAR 616.05 million in the same months in 2017.

“The financial statements of the Company for the year ended 31 December 2017, were audited by another auditor who expressed an unmodified opinion on these statements on 6 Jumada II 1439H (corresponding to 22 February 2018),” the statement added.

For the full-year 2018, SAFCO’s profits soared 97.86% to SAR 1.74 billion, compared to SAR 878.63 million in the year before.

Sales increased by 40% to SAR 3.85 billion from January to December 2018, against SAR 2.75 billion in the prior-year period.

SAFCO’s stock rose 1.08% to end Monday’s trading activities at SAR 84.50.