The Saudi Arabian Fertilizer Company (SAFCO) reported preliminary financial results for the period ending on September 30, 2009 as follows:

• Net profit in the third quarter amounted to SR 464 million, compared to SR 1.83 billion for the corresponding quarter of the previous year, a decrease of 75%, and SR 480 million for the second quarter of 2009, a decrease of 3%.



• Total profit in the third quarter was SR 451 million, compared to SR 1.92 billion for the corresponding quarter of the previous year, a decline of 77%.



• Operating profit in the third quarter amounted to SR 432 million, compared to SR 1.873 billion for the corresponding quarter of the previous year, a decline of 77%.



• Net profit during the 9 months amounted to SR 1,469 million, compared to SR 3.744 billion in the same period of the previous year, a decline of 61%.



• Earnings per share during the 9 months reached SR 5.88 compared to SR 14.98 the previous year.



• Total profit over the 9 months was SR 1,360 million, compared to SR 3.681 billion the previous year, a decline of 63%.



• Operating profit during the 9 months amounted to SR 1.307 billion, compared to SR 3.570 billion the previous year, a decline of 63%.



The decline in profits in the third quarter of 2009 as against the profits in the third quarter of 2008 and the second quarter of 2009 is due to low world prices. Income and expenses of discontinued operations in Dammam for 2008 have been separated under an independent item within the statement of income for comparison purpose as required by the ‘presentation and disclosure’ standards.