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SAFCO's Profits Exceed SR 850 Million In First Half Of 2007 - ASHARQ AL-AWSAT English Archive
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Riyadh, Asharq Al-Awsat – The Saudi Arabian Fertilizer Company (SAFCO), an affiliate of the Saudi Basic Industries Corporation (SABIC), reported first half 2007 net profits of SR 850.1 million compared to SR 565.4 million in the same period of 2006, an increase of 50%.

Share profit amounts to SR 4.25 compared to SR 2.83 in the same period of the previous year.

Mohamed Al-Mady, SABIC Vice Chairman & CEO and SAFCO’s Chairman and Managing Director said, “SAFCO’s first half 2007 operating profits reported SR 820.4 million compared to SR 486.8 million in the same period last year, an increase of 68.5%. This is due SAFCO’s 4th Expansion Project.

Al-Madi said “This is due to SAFCO’s 4th Expansion Project going on-stream at the beginning of 2Q 2007 and the subsequent increase in prices of sales by 26%.”

“SAFCO reported second half 2007 net profits of SR 530.3, million an increase of 83% over the 1Q 2006 profits of SR 290 million. This remarkable increase is due to increase in production capacity as a result of the expansion project and improvement of major products prices.”

“The company’s board has decided to distribute SR 600 million profits to shareholders of the company for the first half of 2007, at SR 3 per share. The date of eligibility for shareholders will be the end of trading on July 14, 2007. Payment will begin two weeks after the date of eligibility,” according to a report of SABIC’s web-site.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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