Saudi's Safco posts 0.8% drop in Q2 profit
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Saudi Arabian Fertilizers Company (Safco) reported a 0.8 percent drop in second quarter net profit to SR784m ($209m), compared with SR790m during the same period a year earlier, it said on Saturday.
The results missed expectations, with 10 analysts polled by Reuters anticipating an average net profit of SR937.73m.
The firm attributed the decline in net profit to lower sales resulting from lower production levels after maintenance work on some of its units.