SAFCO reports financial results for period ending June 30, 2010
The Saudi Arabian Fertilizer Company (SAFCO) reported preliminary financial results for the period ending on June 30, 2010 as follows:
- Net income in the second quarter amounted to SR 907 million, compared to SR 480 million for the corresponding quarter of the previous year, an increase of 89 %, and SR 698 million for the first quarter of 2010, an increase of 30 %.
- Gross profit in the second quarter was SR 571 million, compared to SR 453 million for the corresponding quarter of the previous year, an increase of 26 %.
- Operating profits in the second quarter amounted to SR 558 million, compared to SR 438 million for the corresponding quarter of the previous year, an increase of 27 %.
- Net income during the 6 months amounted to SR 1.605 billion, compared to SR 1.005 billion for the same period of the previous year, an increase of 60%.
- Earnings per share during the 6 months reached SR 6.42, compared to SR 4.02 in the previous year.
- Gross profit over the 6 months was SR 1.222 billion, compared to SR 909 million for the same period of the previous year, an increase of 34%.
- Operating profit during the 6 months amounted to SR 1.184 billion, compared to SR 875 million in the same period of the previous year, an increase of 35%.
- The increase in profits in the 2Q2010 as against the profits in the 2Q2009 is due to the high international prices, and revenue generated from the sale of the company’s land in Dammam. Increase over the 1Q2010 is due to revenue generated from selling of the company’s land in Dammam.