JEDDAH: Saudi Arabian Fertilizer Co's (Safco) third- quarter net profit doubled, beating analyst forecasts, after prices for its products rose globally, the company said in a bourse statement on Sunday.
Safco, which produces urea and ammonia, made a net profit of 1.2 billion riyals ($319.97 mln)in the third-quarter compared with 604 million riyals in the same period a year earlier.
Five analysts, in a Reuters survey, had forecast an average third-quarter earnings of 1 billion riyals.
Operational profit for the third-quarter increased by 97 percent to 1.1 billion riyals, Safco said in the statement.
Saudi Basic Industries Corp. (SABIC) , the Arab world's largest chemical maker, holds a 42.9 percent stake in Safco.
Safco shares have risen 15 percent year-to-date according to Reuters date.
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