Tuesday, Nov 29, 2011
RIYADH (Zawya Dow Jones)--Saudi Arabian Fertilizer Co. (2020.SA), or Safco, said Tuesday its board of directors has recommended paying a dividend of 7 Saudi riyals ($1.90) a share for the second half of this year.
The Jubail-based affiliate of petrochemical giant Saudi Basic Industries Corp. (2010.SA) said in a statement to the Saudi stock exchange website that it will pay a total of SAR13 a share as dividends for 2011.
Last month, the firm said its third-quarter net profit doubled from a year earlier to SAR1.21 billion, beating most analyst expectations, on the back of higher product prices.
The nitrogen fertilizer company said the rise in third-quarter profit was due to increased prices internationally.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
29-11-11 1719GMT
