Safco more than doubles profits on ferts prices

08 July 2008 16:29 [Source: ICIS news]

LONDON (ICIS news)--Saudi Arabian Fertilizers Co (Safco) more than doubled second quarter profits to Saudi riyals (RS) 1.19bn ($317m) driven by increased fertilizer prices and production, it was reported on Reuters on Tuesday.

Safcos’s profits rose from SR530m during the same period last year as fertilizer prices climbed 20-25% during the second quarter of 2008.

According to the report, CEO Mohamed Al-Mady said Safco could continue to post similar profit growth if prices and demand for urea remained high.

SAFCO is 45% owned buy Saudi petrochemicals giant SABIC.

($1 = RS3.75)

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By: Mark Watts
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