Saudi Arabian Fertilizers Co’s (Safco) first-quarter net profit rose 16 per cent on higher production and prices, the company said. Net profit in the three months to March 31, 2007 was 319.8 million riyals ($85.3 million), up from 275.4 million riyals a year earlier, Safco said in a statement on the Saudi bourse website.

Earnings per share were 1.6 riyals compared to 1.38 riyals last year.
“The 16 per cent increase was the result of improved prices and quantities of some core products,” Safco said.
Profit growth was below the average 44.3 per cent rise analysts had forecast in a Reuters survey.
Operating profit rose 25.7 per cent to 285 million riyals, Safco said.
The company is controlled by Sabic.