Riyadh – Mubasher: The net profits of Saudi Arabian Fertilizer Company (SAFCO) plunged by 40.5% to SAR 338.26 million during the fourth quarter of 2019 from SAR 568.53 million in the same period of 2018.
The drop in the company’s net profit in the Q4-19 period resulted from a decrease in the average selling prices of the company’s products and a decrease in the company’s share in the profits of Ibn Ibn Al Baytar Company, according to the company’s interim financial results for the period ending on 31 December 2019.
During the Q4-19, SAFCO’s revenues also retreated by 22.43% to SAR 845.58 million from SAR 1.09 billion in the same quarter in the prior year.
As for fiscal year 2019, SAFCO recorded 15.53% decrease in net profits to SAR 1.468 billion from SAR 1.738 billion in 2018 due to a decrease in the sold quantities and average selling prices of the company's products.
At the same time, earnings per share (EPS) stood at SAR 3.52 in 2019, versus SAR 4.17 in 2018.
