The profits of the Saudi Arabian Fertilizer Company (SAFCO) decreased by 4% to reach 397.5 million riyals in the third quarter of 2020, compared to 414.2 million riyals in the corresponding period of the year The past.
According to Arabiya Net, the profits of the third quarter increased by 10.5%, compared to the profits realized in the previous quarter, which was 359.8 million riyals.
The value of SAFCO's operating profits in the third quarter was 388 million riyals, compared to 364 million riyals, in the corresponding period of last year, with a growth of 4.3%.
SAFCO said that the decline in the profits of the third quarter compared to the corresponding period of 2019 is due to the decrease in the average selling prices of the company's products, and the decrease in the company's share of the profits of Ibn Al-Bitar Company.
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and stated that the impact of this decrease was limited by the increase in the quantities sold of the company's products, and by the increase in the other income item during the current quarter related to the company's collection of its profits from financial assets at fair value through Other comprehensive income.
During the first nine months of 2020, SAFCO achieved profits of 1.06 billion riyals, compared to 929.6 million riyals, in the corresponding period of last year, a decrease of 6%.
