Saudi’s SAFCO ‘10 profit jumps 79% on strong petrochemical prices

21 February 2011 09:25  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabian Fertilizer Co (SAFCO) said on Monday its 2010 net profit surged 79% to Saudi Riyals (SR) 3.24bn ($864m), driven by strong petrochemical prices and higher sales volumes.

Gross income for the period was up 57% to SR2.69bn, while operating profit grew 58% to SR2.62bn, it said in a disclosure to the Saudi Stock Exchange or Tadawul.

The company said that its full-year results also included income from sales of land and buildings in Dammam.

SAFCO did not provide further details on its financial results.

($1 = SR3.75)

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By: Pearl Bantillo
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