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14-01-14

Saudi SAFCO registers 9.3 percent growth in net profit

(MENAFN) Saudi Arabian Fertilizer Company (SAFCO) registered USD213.8 million net profit in the fourth quarter of 2013, according to Saudi Gazette. The company recorded a 9.3 percent quarter-on-quarter growth. SAFCO's operating profit dropped 2.6 percent quarter-on-quarter, despite a modest 3.2 percent increase in urea prices. "The drop in operating profit could be either due to slightly lower utilization rates or higher operating costs," said Al Rajhi Capital.