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REUTERS
Saudi Arabia Fertilizers Co (SAFCO) met analyst forecasts but extended its earnings slump, as its second-quarter net profit halved year on year as product prices remained low. SAFCO, a unit of Saudi Basic Industries Corp, made a net profit of 299 million riyals ($79.7 million) in the three months to June 30, compared with the 596 million riyals it reported in the year-earlier period, it said in a bourse statement. The firm, which reported declining profits in 11 of the preceding 12 quarters according to Reuters data, was forecast by five analysts to make 290.5 million riyals during the quarter.
SAFCO cited lower selling prices for its products for the profit decrease, but added an increase in the quantities of products sold mitigated the impact on earnings. It didn’t elaborate.