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SAFCO logs 4% lower earnings in Q3

SAFCO logs 4% lower earnings in Q3
The company's profits slid to SAR 397.53 million in Q3-20.
SAFCO
2020
-0.37% 80.80 -0.30

Riyadh – Mubasher: The Saudi Arabian Fertilizer Company (SAFCO) reported a 4% annual decline in net profits over the third quarter (Q3) of 2020.

The profits slid to SAR 397.53 million in Q3-20, compared to SAR 414.21 million in Q3-19, due to a drop in average selling prices for the company’s products and lower share of gains from Ibn Al-Baytar Company.

The decrease in earnings was offset by higher sales volume and rising other income, according to a bourse filing on Tuesday.

Revenues reached SAR 902.1 million in the July-September period, down 0.8% yearly.

During the January-September period, the profits fell by 6.1% annually to SAR 1.060 billion.