The profits of Arab Fertilizers Company (SAFCO) decreased by 9.5% to reach 303.5 million riyals in the first quarter of 2020, compared to 335.5 million riyals in the same period From last year.
According to ArabiaNet, the company said that the reason for the decrease in profits during the current quarter compared with the same quarter of the previous year to:
- Low average selling prices for the company's products.
- The company's share of Ibn Al-Bitar company profits decreased.
This came despite the higher sales quantities of the company's products.
The company attributed the reason for the decrease in profits during the current quarter compared to the previous quarter to the decrease in the average selling prices and the quantities sold for the company's products.
The company said that the total shareholders' equity (there are no minority rights) for the current period amounted to 7539.07 million riyals.
