Product category:
Oil, Gas, Petrochemical Industry News
News Release from: SABIC
Edited by the Processingtalk Editorial
Team on 05 November 2003
SAFCO fertiliser profits up 239 percent
SAFCO, the Saudi Arabian Fertilizer Company, today reported Q3 net profits of SR 112.5m (USD 30m), up from SR 41.4m (USD 11m): plus ISO14001 environmental standard awarded for Dammam and Jubail plants
SAFCO, the Saudi Arabian Fertilizer Company, today reported Q3 net profits of SR 112.5m (USD 30m), up from SR 41.4m (USD 11m) for the same period in 2002 Profits earned in the year to date totalled SR 247.7m (USD 66m) against SR 72.9m (USD 19.4m) in the same period last year - an increase of 239 percent
This article was originally published on Processingtalk on 18 Jul 2003 at 8.00am (UK)
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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 products.
Al-Mady added that the third quarter profits for 2003 were 125 percent 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 percent, and sales increase of 33 percent 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.
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