SAFCO posts doubling of net profits for Q1

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.

SAFCO has an annual capacity of 2.2m tonnes/year of ammonia, 2.8m tonnes/year of urea, 210,000 tonnes/year of melamine, 100,000 tonnes/year of acetic acid and 30,000 tonnes/year of urea formaldehyde.

It is 43% owned by Saudi Basic Industries Corp (SABIC), while the private sector holds the other 57%.

($1 = SR3.75)

By: Abdelghani Henni
65 6780 4359

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