Safco’s net profits reach $26.6 million in 1Q 2003
Saudi Arabian Fertilizers Company (Safco) made 85 million Saudi riyals ($26.6 million) in net profits during the first quarter of 2003 compared with SR 23.4 million ($6.24 million) during the same period of 2002.
According to Vice Chairman and Managing Director of the Saudi Basic Industries Corporation (Sabic), Safco’s parent company, the higher profits were due to improvement of sale prices and increased sales volumes. Ammonia price per ton registered a 56 percent rise and urea price per ton rose by around 38 percent. Meanwhile, the company increased its output by two percent and sales increased by 24 percent compared with the previous period.
Al-Mady added that to further strengthen the shareholders’ equity, the Board of Directors has approved the Safco expansion project which will increase output by one million tons of ammonia and 100,000 tons of urea. This is hoped to come on stream in early 2006, and will further enhance Safco’s competitiveness on the international markets.
Sabic is the largest petrochemicals company in the Middle East. Based in Riyadh. Founded in 1976, the Saudi Arabian Government owns 70 percent of Sabic shares, with the remaining 30 percent held by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council (GCC). — (menareport.com)
© 2003 Mena Report (www.menareport.com)