07 April 2008 12:52 [Source: ICIS news]
DUBAI (ICIS news)--Saudi Arabian Fertilizer Co (SAFCO) on Monday posted a year-on-year doubling of its first-quarter net profits to Saudi riyals (SR) 723m ($193m) from SR319m in 2007 on high urea prices and increased capacity.
In addition to high urea prices, an increase in ammonia and urea capacities from its new plant SAFCO 4 also boosted the company’s profits.
The facility, which started commercial production in the second quarter of 2007, produces 1.1m tonnes/year of urea and 1.1m tonnes/year of ammonia.
It is 43% owned by Saudi Basic Industries Corp (SABIC), while the private sector holds the other 57%.
($1 = SR3.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections