SAFCO net income up 27% in FY 2011

The Saudi Arabian Fertilizer Company (SAFCO) has announced the interim consolidated financial results for the fourth quarter and for the 12-month period ended December 31, 2011:

1. The net income for the quarter ended December 31, 2011 was SR 1.277 million, compared to the net income of SR 1.025 million for the same quarter in 2010 representing a decrease of 24.59 percent, and compared to the net income for the third quarter of 2011 of SR 1.211 million, representing an increase of 5.45 percent.

2. The gross profit for the quarter ended December 31, 2011 amounted to SR 1.128 million compared to the same quarter in 2010 of SR 918 million, representing an increase of 22.88 percent.

3. The income from operations for the quarter ended December 31, 2011 amounted to SR 1.100 million compared to SR 896 million for the same quarter in 2010, representing an increase of 27.05 percent.

4. The net income for the 12 months ended December 31, 2011 amounted to SR 4.110 million, compared to the net income of SR 3.235 million for the same period in the preceding year, an increase of 27.05 percent.

5. The earnings per share for the 12 months ended December 31, 2011 amounted to SR 16.44, compared to SR 12.94 for the same period in 2010.

6. The gross profit for the 12 months ended December 31, 2011 was SR 3.765 million, compared to SR 2.690 million for the same period in 2010, an increase of 39.96 percent.
7. The income from operations for the 12 months ended December 31, 2011 was SR 3.677 million, compared to SR 2.622 million for the same period in 2010, an increase of 40.24 percent.

8. The increase in net income for the fourth quarter of 2011, compared to the same period in 2010 is attributable to the increase in the global prices of the company’s products, and compared to the previous quarter is due to the increase in sales volumes.