SAFCO Chairman and Managing Director, Mohamed Al-Mady said the Saudi Arabian Fertilizers Co. (SAFCO) reported net profits of SAR 1.914 billion during the first six months of 2008, compared to SAR 850.1 million in the same period in 2007, an increase of 125 percent. The company’s share profit amounts to SAR 7.66 compared with SAR 4.25 in the same period of 2007.

Al-Mady said, “SAFCO’s operational profits during the first six months of this year stood at SAR 1.697 billion, an increase of 107 percent over the profits of the same period of 2007, which were SAR 820.4 million. SAFCO’s net profits in 2Q2008 amounted to SAR 1.190 billion compared with SAR 530.3 million in the same period last year, an increase of 124.5 percent. This increase is due to the hike in sales volume and improvement in the prices of key products.

Al-Mady commended the efforts of SAFCO’s board and employees and said he looked forward to achieve more milestones. Earlier, SAFCO announced distribution of SAR 1.5 billion dividends for its operations in first half of 2008, at SAR 6 per share for the shareholders registered on Tadawul as at July 13, 2008.