(MENAFN) Saudi Arabian Fertilizer Co. (SAFCO) said that it has recorded a 3 percent drop in its net profit during the October-December period of 2014, due to lower ammonia sales and reduced profits from a sister company, Arab News reported
During the fourth quarter of 2014, the company, a unit of Saudi Basic Industries Corp. (SABIC) said that its net profit reached USD207.55 million in comparison to a profit of USD213.56 million in the corresponding period of 2013.
SAFCO said that the decline in net profits is attributed to a drop in ammonia sales during the fourth quarter, as well as receiving reduced profits from a sister company, although higher product sales prices partly offset these declines.
Furthermore, the company said that its 2014 annual profit reached USD844.14 million, which is nearly flat compared USD841.48 billion in profits recorded in 2013.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.