Saudi Arabian Fertilizers Co. (SAFCO) reported net profits of SR 201 million (US$53.6 million) during the first half of 2004, compared with SR 135 million (US$36 million) in the same period in 2003 – a 49 percent increase.
Profits for the second quarter of 2004 were SR 84 million (US$22.4 million) compared with SR 50 million (US$13.3 million) in the same period last year.
The SAFCO 4 expansion project is on track and is expected to go on stream in early 2006 producing 1 million mt/y of ammonia and 1.1 million mt/y of urea.
SABIC Vice Chairman and Chief Executive Officer, SAFCO Chairman and Managing Director, Mohamed Al-Mady commented “The profits realized during the first half of 2004 over the same period last year were due to a high rise in prices across most products. “Revenues generated from one ton of ammonia increased by 34 percent and urea by 9 percent.” (menareport.com)
© 2004 Mena Report (www.menareport.com)
