SAFCO Q3 net profits surge 127%

09 October 2007 15:26  [Source: ICIS news]

LONDON (ICIS news)--Saudi Arabia Fertilizer Company (SAFCO) has increased its third quarter net profit by 127% to riyals (SR) 616m ($165m) compared with SR271m in the same period last year, the company said on Tuesday.

 

The SABIC affiliate also doubled its operating profits in the first nine months of 2007 to SR1.42bn, compared with SR708.3m during the same period last year.

 

“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 second quarter 2007,” said SAFCO chairman and managing director Mohamed Al-Mady.

 

SAFCO added that the sales volumes had increased by 61% year-on-year over the nine-month period.

 

Based in Dammam, Saudi Arabia, SAFCO has an annual capacity of 2.3m tonnes of ammonia, 2.6m tonnes of urea and 20,000 tonnes of melamine.

 

($1 = SR3.74)

By: Mark Watts
+44 20 8652 3214

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