Saudi Arabian Fertilizer Company (SAFCO) disclosed its interim financial results for the second quarter of 2019.
Net profits after zakat and tax declined by 7.3% to SAR 380.4 million in Q2-19, compared to SAR 410.46 million in Q2-18, according to a bourse filing on Monday.
The company attributed the drop in profits to the decrease in quantities sold as a result of implementing SAFCO 3 reliability project and performing scheduled maintenance activities, which are minimized by the increase in average selling prices of company’s products.
Revenues of the Saudi-based company retreated by 14.3% to SAR 813.6 million by the end of June, from SAR 950.3 million in the same period of the previous year.
For the first half of 2019, net profits of Saudi petrochemical company increased by 10.5% year-on-year to SAR 715.91 million.
Meanwhile, revenues fell by 12.9% to SAR 1.53 billion by the end of June, from SAR 1.76 billion in the corresponding period a year earlier.
Profit per share stood at SAR 1.72 in H1-19, versus SAR 1.55 in the same period the year before.