Financial Results : SAFCO net profit falls 10% to SAR 303.5 mln in Q1 2020

SAFCO net profit falls 10% to SAR 303.5 mln in Q1 2020

28/04/2020 Argaam Exclusive

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Saudi Arabian Fertilizers Co. (SAFCO) reported a net profit after Zakat and tax of SAR 303.5 million for the first quarter of 2020, a decline of 10% year-on-year (YoY), as compared to SAR 335 million in the same quarter last year.

 

The decrease in net profit was attributed to decline in average selling prices and lower profit share of Ibn Al-Baytar Company.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 718.68 728.37 1.3 %
Gross Income 378.29 367.94 (2.7 %)
Operating Income 295.62 278.30 (5.9 %)
Net Income 335.47 303.50 (9.5 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 0.81 0.73 (9.5 %)

When compared to Q4 2019, net profit after Zakat and tax declined 10.2% on lower average selling prices and sales volumes.

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