Riyadh, Saudi Arabia (October 13, 2003): SAFCO, the Saudi Arabian Fertilizer Company, today reported Q3 net profits of SR 112.5m (US$ 30m), up from SR 41.4m (US$ 11m) for the same period in 2002. Profits earned in the year to date totaled SR 247.7m (US$ 66m) against SR 72.9m (US$ 19.4m) in the same period last year – an increase of 239%. Br>
Mohamed Al-Mady, Vice Chairman and CEO of SABIC and Chairman of the Board of SAFCO, attributed this rise in profits to the increase in prices for most of SAFCO’s products.
Al-Mady added that the third quarter profits for 2003 were 125% higher than the previous quarter. This was due to a number of factors, including the completion of routine maintenance work; a production increase of 31%, and sales increase of 33% compared with the previous three months. He commented that construction work on the SAFCO 4 expansion project had started as planned, and that commercial production was scheduled to start in early 2006. Finally, Al-Mady noted that SAFCO had been awarded the ISO 14001 Environmental Management Standard for its plants in Dammam and Jubail.
