KARACHI: Saudi Arabian Fertilizer Co. (SAFCO) has announced a net profit of SAR 1.738 billion for the year ended December 31, 2018, which is 97.8 percent higher than the profit of SAR 878.63 million recorded in the previous year.
The earnings per share (EPS) for 2018 clocked in at SAR 4.17 as against EPS of SAR 2.11 in 2017.
The surge in profitability can be attributed to increases in quantities sold of company’s products and higher average selling prices. In addition, the company’s share of Ibn Al-Baytar profits also increased.
On the other hand, costs increased due to the restructuring of Saudi Arabian Fertilizer Co. (SAFCO) organization to meet future challenges. Also, zakat expense increased due to increase in profit for the company and to meet possible obligation for previous years which was published earlier.[the_ad id=”31605″]