Sunday, Apr 15, 2012
(This story was originally published Saturday.)
RIYADH (Zawya Dow Jones)--Saudi Arabian Fertilizer Co. (2020.SA), or Safco, an affiliate of petrochemical giant Saudi Basic Industries Corp. (2010.SA), Saturday said its first-quarter net profit fell 5.52% on year to 787 million Saudi riyals ($209.9 million) due to lower sales prices.
The result was below NCB Capital analysts' expectations of SAR848 million. Cairo-based EFG-Hermes had penciled in SAR922 million for the three-month period and Kuwait-based Global Investment House had expected SAR1.1 billion.
First-quarter earnings per share stood at SAR3.15, compared with SAR3.33 a year earlier, Safco said in a statement posted on the Saudi bourse website.
Safco said its profit dropped from a year ago due to the drop in sales prices and the fall of its profits share in Ibn Al-Bitar Co., while net profit fell 38.37% compared to the fourth quarter of last year due to lower sales volume.
Operating profit at Safco in the first quarter edged down 2.91% to SAR735 million from SAR757 million in the year-earlier period.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
15-04-12 0546GMT
