Saudi's SAFCO extends earnings slump as Q2 profit halves

Saudi Arabia Fertilizers Co (SAFCO) met analyst forecasts on Thursday but extended its earnings slump, as its second-quarter net profit halved year on year as product prices remained low. SAFCO, a unit of Saudi Basic Industries Corp (SABIC), made a net profit of 299 million riyals ($79.7 million) in the three months to June 30, compared with the 596 million riyals it reported in the year-earlier period, it said in a bourse statement. SAFCO cited lower selling prices for its products for the prof