Riyadh- Saudi Arabian Fertilizers Co. (SAFCO) reported net profits of SR (474.2) million during the first half of 2005, compared with SR (200.9) million in the same period in 2004.
Profits for the second quarter of 2005 were SR (237.8) million compared with SR (84) million in the same period last year.
SABIC Vice Chairman and Chief Executive Officer , SAFCO Chairman and Managing Director, Mohamed Al-Mady said, "Profits of the first half of the current year rose by 136% over the profits realized in the same period last year due to a high rise in prices across most products. Revenue on one ton of ammonia rose by 14%, urea 42% and an increase in sales volume by 15%. I expect that product prices will stabilize during the ongoing rise of gas prices."