Saudi Arabian Fertilizers Company (SAFCO) made a net profit of SR85 million (US$26.6 million) during the first quarter of 2003, compared with SR23.4 million (US$6.24 million) during the same period of 2002.
Mohamed Al-Mady, Vice Chairman and Managing Director of SABIC, said that the increase in profits is due to the improvement of sale prices and increased volumes of sales. The price of ammonia per ton rose by 56, and that of urea by approximately 38%. The Company increased its output by 2%, and sales increased by 24%, in comparison with the previous equivalent period.
Al-Mady said that, in order to further strengthen shareholders’ equity, the Board of Directors has approved the SAFCO expansion project (4), which will increase output by one million tons of ammonia and 100,000 tons of urea. The increased output will come on stream in early 2006, and will further enhance SAFCO competitiveness on international markets.
Source: SPA
