Safco profits surge 75pc to $392 million
Riyadh, October 9, 2007
Saudi Arabian Fertilizers Company (Safco) has reported a net profit of SR1.466 billion ($392 million) during the first nine months of 2007, compared to SR836.8 million in the same period in 2006, an increase of 75 per cent.
Net profits in the third quarter of 2007 were SR616.2 million, compared with SR271.4 million in the same period of 2006, an increase of 127 per cent.
Sabic vice chairman and chief executive officer and Safco chairman and managing director, Mohamed Al-Mady Al-Mady, said: “Safco’s operational profits during the first nine months of this year stood at SR1.415 billion, an increase of 100 per cent over the profits of the same period of 2006, which were SR708.3 million. This increase is due to the rise of prices of key products and an increase of production capacity with the Safco IV expansion project going on-stream at the beginning of the second quarter of 2007. This led to a rise in sales volumes by 61 per cent.” – TradeArabia News Service