Financial Results : SAFCO net profit drops 15% in FY2019

SAFCO net profit drops 15% in FY2019

23/01/2020 Argaam Exclusive

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Saudi Arabian Fertilizer Co. (SAFCO) reported a net profit after zakat and tax of SAR 1.47 billion for the fiscal year of 2019, a 15.2% year-on-year (YoY) decrease, the company said in a bourse statement on Sunday.

 

The drop was attributed to lower sales volumes and product prices, according to the statement.



Financials (M)

Item 2018 2019 Change‬
Revenues 3,859.84 3,287.58 (14.8 %)
Gross Income 2,131.25 1,694.03 (20.5 %)
Operating Income 1,696.20 1,328.27 (21.7 %)
Net Income 1,738.44 1,473.92 (15.2 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 4.17 3.54 (15.2 %)

The company’s net profit for Q4 2019 fell 40.5% YoY to SAR 338.26 million on lower average selling prices for its products and lower profit share from Ibn Ibn Al-Baytar Co.

 

On a sequential basis, Q4 2019 net profit slid by 18.3% compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 1,090.10 845.58 (22.4 %)
Gross Income 689.15 430.94 (37.5 %)
Operating Income 578.11 344.08 (40.5 %)
Net Income 568.53 343.79 (39.5 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 1.36 0.83 (39.5 %)

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