SAFCO announces maintenance shutdown at SAFCO 4 Plant

The suspension’s effect will reflect on SAFCO's financials for Q4-20

  
A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri

Riyadh – Mubasher: The Saudi Arabian Fertilizer Company (SAFCO) has announced a temporary shutdown of SAFCO 4 Plant due to a technical failure that took place on 26 November 2020.

Work is currently underway to repair the failure and the necessary maintenance activity is being carried out, SAFCO said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

As per the latest technical and financial reports on the duration of the suspension and the expected financial impact, SAFCO said, “The suspension period will extend to about 32 days, and the financial impact of this suspension will reach approximately SAR 90 million,” the statement read.

The suspension’s effect will reflect on the company's financial results for the fourth quarter (Q4) of 2020.

Source: Mubasher

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