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Saudi fertilizer firm Safco 3Q profits up 100 pct | ASHARQ AL-AWSAT English Archive 2005 -2017
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RIYADH, Saudi Arabia (AP) — The Saudi Arabian Fertilizer Co. says its net profits doubled in the third quarter of 2011 versus the same three month period the year before.

Safco, a subsidiary of petrochemical giant Saudi Basic Industries Corp., said Sunday that net income in the third quarter climbed to 1.21 billion riyals ($323 million) compared to 604 million riyals in the corresponding quarter a year earlier. It attributed the increase to increasing global prices for its products.

Saudi Arabia, OPEC’s top oil producer, has been working to grow its petrochemical sector and other industries to wean itself from dependence on its chief cash cow, crude.

Safco is 43 percent owned by SABIC, one of the world’s largest manufacturers of chemicals, plastics, fertilizers and metals.