SAFCO posts $26m net profit

DUBAI - Saudi Arabian Fertilizers Company (SAFCO) made SR85 million (US$26.6 million) in net profits during the first quarter of 2003 compared with SR23.4 million (US$6.24 million) during the same period of 2002.

By A Staff Reporter

Published: Mon 14 Apr 2003, 5:39 PM

Last updated: Wed 1 Apr 2015, 7:39 PM

Mohamed Al Mady, SABIC's Vice Chairman and Managing Director said that the higher profits were due to the remarkable improvement of sale prices and increased sales volumes. Ammonia price per ton registered a 56 per cent rise and urea price per ton rose by around 38 per cent. Meanwhile, the Company increased its output by 2 per cent and sales increased by 24 per cent 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 (4) which will increase output by one million tons of ammonia and 1,100,000 tons of urea. This is hoped to come on stream in early 2006, and will further enhance SAFCO's competitiveness on the international markets.

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