Safco announces SR1.466 billion profit in first nine months of 2007
SABIC Vice Chairman and Chief Executive Officer, SAFCO Chairman and Managing Director, Mohamed Al-Mady said the Saudi Arabian Fertilizers Co. (SAFCO) reported net profits of SAR 1.466 billion during the first nine months of 2007, compared to SAR 836.8 million in the same period in 2006, an increase of 75%. Net profits in the 3Q2007 were SAR 616.2 million compared with SAR 271.4 million in the same period of 2006, an increase of 127%.
Al-Mady said, “SAFCO’s operational profits during the first nine months of this year stood at SAR 1.415 billion, an increase of 100% over the profits of the same period of 2006, which were SAR 708.3 million. This increase is due to the rise of prices of key products and an increase of production capacity with the SAFCO IV expansion project going on-stream at the beginning of 2Q2007. This lead to a rise in sales volumes by 61%.”