SAFCO net profit dips 6% to SAR 1.06 bln in 9M 2020

20/10/2020 Argaam Exclusive

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Saudi Arabian Fertilizer Co. (SAFCO) reported a net profit after Zakat and tax of SAR 1.06 billion for the first nine months of 2020, a 6% decline year-on-year (YoY), from SAR 1.13 billion a year earlier, driven by lower average selling prices and decreased profit share from Ibn Al-Baytar.

The company also cited lower other income related to profit from assets at fair value.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	2,442.01	2,559.21	4.8 %
Gross Income	1,263.08	1,307.36	3.5 %
Operating Income	984.19	1,026.24	4.3 %
Net Income	1,130.13	1,060.84	(6.1 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	2.71	2.55	(6.1 %)

The third-quarter net profit after Zakat and tax fell 4% YoY to SAR 397.5 million, due to lower average selling prices, and decreased profit share in Ibn Al-Baytar.

When compared to previous quarter, net profit jumped 10.5% backed by higher average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	909.71	902.13	(0.8 %)
Gross Income	465.08	485.11	4.3 %
Operating Income	363.66	387.99	6.7 %
Net Income	414.21	397.53	(4.0 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	0.99	0.95	(4.0 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	928.71	902.13	(2.9 %)
Gross Income	454.31	485.11	6.8 %
Operating Income	359.95	387.99	7.8 %
Net Income	359.80	397.53	10.5 %
Average Shares	416.67	416.67	-
EPS (Riyals)	0.86	0.95	10.5 %

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