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

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 %)

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