SAFCO’s first-half net profits rise 50%

12 July 2007 12:14  [Source: ICIS news]

LONDON (ICIS news)--Saudi Arabian Fertilizer Company (SAFCO) has posted first-half net profits for 2007 up 50% to riyals (SR) 850.1m ($226.7m), compared to SR565.4m last year, it said.

 

Operating profits at the Saudi Basic Industries Corp (SABIC) affiliate during the first half of the year were reported at SR820.4m, up 68.5% from SR486.8m in the same period in 2006, SAFCO said on Wednesday.

 

The increase in profits was due to the company’s 4th expansion project going on stream at the start of this year’s second quarter and the subsequent increase in sales, said  Mohammed al-Mady, SAFCO’s chairman and managing director, also vice chairman and CEO of SABIC.

 

SAFCO has an annual capacity of 2.3m tonnes of ammonia, 2.6m tonnes of urea and 20,000 tonnes of melamine.

 

($1 = SR3.75)

By: Rebecca Clarke
+44 20 8652 3214

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