SAFCO’s net profit falls 7% to SAR 663.3 mln in H1 2020

22/07/2020 Argaam Exclusive

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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).

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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