Riyadh – Mubasher: The net profits after Zakat and tax of the Saudi Arabian Fertilizer Company (SAFCO) retreated by 5.42% on a yearly basis over the second quarter (Q2) of 2020, reaching SAR 359.8 million when compared to SAR 380.44 million in Q2-19.

Revenues during the April-June period registered SAR 928.7 million, an increase of 14.14% when compared to SAR 813.61 million in Q2-19, according to a bourse filing on Wednesday.

The profit decline is owed to a drop in the average selling prices of the company’s products as well as a lower share of profits from Ibn Al-Baytar Company. This was, however, offset by an increase in the quantities sold.