RIYADH: Saudi Arabian Fertilizer Company (SAFCO) has announced a net profit of SAR 1.69 billion for the year ended December 31, 2018, which is 105.6 percent higher than the profit of SAR 824.8 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 posted in 2017, a notification issued to Tadawul said.
The increase in profitability can be attributed to higher quantities sold and the average selling prices. The sales revenue during the year under review stood at SAR 3.85 billion, up 39.8 percent compared with sales of SAR 2.75 billion in the previous year.
In addition, the company’s share of Ibn Al-Baytar profits also increased. On the other hand, costs were increased due to the restructuring of Saudi Arabian Fertilizer Company 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.[the_ad id=”31605″]