Complex Made Simple

SAFCO reports 7.8% Q2 profit drop

Saudi Arabian Fertiliser Co (Safco), part of Saudi Basic Industries Corp (Sabic), has reported a 7.8% fall in second-quarter net profit, its fifth-straight decline in quarterly earnings, after higher sales failed to make up for lower prices, Reuters has reported. Safco said it made SR639m ($170.4m) in the quarter, compared with SR693m in the same period last year.