2003 News Story

SAFCO posts high profits for first quarter of 2003

The Saudi Arabian Fertilizer Company (SAFCO) has announced net profits for the first quarter of 2003 of SR85 million (U.S. $26.6 million), up from SR23.4 million (U.S. $6.24 million) for the same period of 2002. The higher profits are attributed to increases, not only in sales volume, but also in prices, with ammonia and urea registering price per ton rises of 56 and 38 percent respectively. Also announced is a fourth expansion project that will increase output. This will come on stream by 2006, further enhancing SAFCO's competitiveness in international markets.