Middle East Economic Survey
SAFCO Sees Stock Price Fall As 3Q Profit Plunges
Saudi Arabian Fertilizers Company (SAFCO) announced on 10 October an almost 75% drop in its third quarter net profit, citing lower global prices and increased regional competition. The firm made SR464mn ($123.7mn) in 3Q09, compared with SR1.83bn ($0.49bn) during the same period in 2008. This drop marks the fourth consecutive quarterly decline for the firm, of which Saudi Basic...