Riyadh – Mubasher: Saudi Arabia Fertilizers Co (SAFCO) has reported a 41.43% year-on-year increase in profits during the first quarter of 2019.

SAFCO’s profits amounted to SAR 335.47 million in Q1-19, up from SAR 237.2 million during Q1-18, according to a statement released to the Saudi Stock Exchange (Tadawul) on Tuesday.

The firm attributed the rise in Q1-19 profit to a decrease in sales cost, general and administrative expenses.

Quarter-on-quarter, profits tumbled 41%, from SAR 568.53 million.

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.