Riyadh – Mubasher: Saudi Arabian Fertilizer Company (SAFCO) reported a 15.2% decline in net profit last year, as shown by its annual financial results.

Net profit after zakat and tax amounted to SAR 1.47 billion in 2019, compared with around SAR 1.74 billion for the year before, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The company attributed the lower net profit to a decline in quantities sold as well as average selling prices.

On the other hand, zakat provision decreased last year as the company received revised zakat assessments up to the year 2017.