RIYADH: Saudi Arabian Fertilizer Company (SAFCO) has announced a net profit of SAR 335.47 million for the quarter ended March 31, 2019, up 41.423% compared with the profit of SAR 237.2 million in the corresponding quarter last year. [the_ad id=”31605″]The earnings per share (EPS) for the quarter ended March 2019 stood at SAR 0.81 as against EPS of SAR 0.57 in the quarter ended March 2018.
The sales revenue for the quarter under review clocked in at SAR 718.68 million, down 11.35% compared with the sales revenue of SAR 810.76 million in the same quarter last year.
The increase in net profit compared with same quarter from previous year is due to decrease in cost of sales and general & administration cost as a result of organizational restructuring, which lead to an increase in cost at that time.
In addition to this, there is an increase in the company share of profit from Ibn Al-Baytar company. During current quarter, there was a slight increase in selling price of company’s products however the revenue was affected mainly due to lower sales quantity as the company is executing SAFCO 3 plant Reliability Improvement Project, which was previously announced.