The Saudi Arabian Fertilizer Company (SAFCO) reported record 2005 net profits of SR 1.1 billion compared to SR 660 million profits in 2004. 4Q2005 net profits were SR 281.4 million compared to SR 251.5 million in the same period in 2004.



Mohammed Al-Mady, SABIC Vice Chairman & CEO and SAFCO Chairman and Managing Director said that SAFCO’s profits in 2005 were the highest ever reported profits which have exceeded the previous record profits reported in 2004 by 67% due to major products price increase and a 2% and a 10% rise in production and overall sales respectively in 2005 compared 2004.



Mohammed Al-Mady said the 4Q2005 18% decrease in profits compared to the profits in 3Q2005 is attributed to the decrease in the volume of sales by 13% and rise of costs associated with the periodical maintenance of SAFCO-3 plants in Jubial Industrial City. SAFCO-4 expansion project’s commercial production is expected to go live on stream in 2Q2006. Al-Mady praised the sustained efforts of the Board of Directors and employees and encouraged further achievements.