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Safco Second-Quarter Profit Drops 1% on Lower Sales

Saudi Arabian Fertilizer Co., a unit of Saudi Basic Industries Corp., posted a 1 percent decline in second-quarter profit, missing analysts’ estimates.

Net income dropped to 784 million riyals from 790 million riyals a year earlier, the company said in a statement to the Saudi stock market today. The mean estimate of 10 analysts was for a profit of 961 million riyals, according to data compiled by Bloomberg.

The drop was because of “lower of sales volume due to lower production volumes as a result of turnaround of some plants,” the Jubail-based company said.

Saudi Arabian Fertilizer, also known as Safco, is the second unit of Saudi Basic Industries to report a drop in profit. Yanbu National Petrochemical Co. posted a 33 percent decline in second-quarter profit last week. Saudi Basic Industries, also known as Sabic, is the world’s biggest petrochemicals maker.

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