The Saudi Arabia Fertilizers Company (SAFCO) posted profits of SR1.1 billion in 2005, a record since the establishment of the company. The company had made profits of SR660 million in 2004. SAFCO Chairman Mohammed Al-Madhi attributed the record profit to the increase in the prices of the main product; rise in production by two percent, and sales by 10 percent. Profits in the fourth quarter were lower than the third by 18 percent due to a slump in sales by 13 percent and the increase in costs resulting from maintenance work at SAFCO-3 factories in Jubail. Regarding the SAFCO-4 expansion project, Arab News today quoted Madhi as saying that it is expected to be commercially operational by the second quarter of this year.
