SAFCO reports 155% rise in profits for 3Q2008
Mohamed Al-Mady, SABIC Vice Chairman and Chief Executive Officer, and SAFCO Chairman and Managing Director announced that the Saudi Arabian Fertilizers Co. (SAFCO) reports net profits of SR 3.744 billion during the first nine months of 2008, compared with SR 1.466 billion in the same period in 2007, an increase of 155 percent. This has lead to the rise of the share profit to SR 14.98 compared with SR 5.87 in the same period last year (based on the existing number of 250 million shares).
Operating profits by end of the 3rd Quarter of 2008 were SR 3.570 billion compared with SR 1.415 billion in the same period of 2007, an increase of 152 percent. 3Q2008 saw the highest-ever profits reported in one quarter since SAFCO’s inception. Profits for the third quarter of 2008 were SR 1.83 billion compared with SR 616.2 million in the same period last year. The increase of 197 percent was primarily due to improvement in prices of products. Al-Mady lauded the efforts of the members of the board of directors and employees. He urged everyone to double efforts to achieve further milestones.