Riyadh, Asharq Al-Awsat- The Saudi Arabian Fertilizer Company (SABIC Affiliate, SAFCO) reported first nine months 2005 net profits of SR 818.8 million compared to SR 408.6 profits in the same period in 2004. 3Q2005 net profits were SR 344.6 million compared to SR 207.7 million in the same period in 2004.
Mohammed Al-Mady, SABIC Vice Chairman & CEO and SAFCO Chairman and Managing Director said that SAFCO’s profits in the past nine months rose by 100% compared to the same period last year due to a 12% rise in overall sales and Urea prices increase of 38% and Ammonia prices increase of 11%.
Mr. Al-Mady said the 3Q2005 45% increase in profits over the profits in 2Q2005 can
be attributed to the rise of prices and an increase in product sales by 8 %.
Mr. Al-Mady expected that products prices will see some stability in light of the continuing rise of gas prices and growing demand in different parts of the world.