Saudi Arabian Fertilizer Co. (SAFCO) posted a net profit after Zakat and tax of SAR 663.3 million for the first half of 2020, a decline of 7% year-on-year (YoY).
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,532.29 | 1,657.08 | 8.1 % |
| Gross Income | 798.00 | 822.25 | 3.0 % |
| Operating Income | 620.53 | 638.25 | 2.9 % |
| Net Income | 715.91 | 663.30 | (7.3 %) |
| Average Shares | 416.67 | 416.67 | - |
| EPS (Riyals) | 1.72 | 1.59 | (7.3 %) |
The company attributed the decline to lower average selling prices and a reduction in profit share from Ibn Al-Baytar Company, despite higher sales volumes.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 813.61 | 928.71 | 14.1 % |
| Gross Income | 419.71 | 454.31 | 8.2 % |
| Operating Income | 324.91 | 359.95 | 10.8 % |
| Net Income | 380.44 | 359.80 | (5.4 %) |
| Average Shares | 416.67 | 416.67 | - |
| EPS (Riyals) | 0.91 | 0.86 | (5.4 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 728.37 | 928.71 | 27.5 % |
| Gross Income | 367.94 | 454.31 | 23.5 % |
| Operating Income | 278.30 | 359.95 | 29.3 % |
| Net Income | 303.50 | 359.80 | 18.6 % |
| Average Shares | 416.67 | 416.67 | - |
| EPS (Riyals) | 0.73 | 0.86 | 18.6 % |
SAFCO’s net profit after Zakat and tax for the second quarter of 2020 declined 5% YoY to SAR 359.8 million due to lower selling prices amid higher sales volumes.
On a quarter-on-quarter basis, the net profit for Q2 2020 rose 18.6%, driven by higher sales volumes despite lower selling prices.
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