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

• Net profit in the second quarter amounted to SR 480 million, compared to SR 1.191 billion for the corresponding quarter of the previous year, a decrease of 60 percent, and SR 525 million for the first quarter of 2009, a decrease of 9 percent. 

• Total profit in the second quarter was SR 453 million, compared to SR 1.102 billion for the corresponding quarter of the previous year, a decline of 59 percent. 

• Operating profits in the second quarter amounted to SR 438 million, compared to SR 1.069 billion for the corresponding quarter of the previous year, a decline of 59 percent. 

• Net profit during the 6 months amounted to SR 1.005 billion, compared to SR 1.914 billion the previous year, a decline of 47 percent. 

• Earnings per share during the 6 months reached SR 4.02, compared to SR 7.66 in the previous year. 

• Total profit over the 6 months was SR 909 million, compared to SR 1.753 billion the previous year, a decline of 48 percent. 

• Operating profit during the 6 months amounted to SR 875 million, compared to SR 1.690 billion in the previous year, a decline of 48 percent.

• The decline in profits in the 2Q2009 as against the profits in the 2Q2008 and the 1Q2009 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.

Mohamed Al-Mady, SABIC Vice Chairman and Chief Executive Officer, and SAFCO Chairman and Managing Director announced that the board has approved distribution of SR 1.250 billion cash dividends to the shareholders for the first half of 2009 at SR 5 per share for the shareholders registered on Tadawul as at July 15, 2009. Dividends shall be paid as of July 25, 2009.