The Saudi Arabian Fertilizer Company (SAFCO), an affiliate of SABIC reported first quarter (1Q) 2006 net profits of SR 275.4 million compared to SR 236.3 profits in the same period in 2005. Mohamed Al-Mady, SABIC Vice Chairman & CEO and SAFCO Chairman and Managing Director said, “SAFCO's profits in 1Q2006 rose by 16.5% over the profits of the same period last year. This is due to the overall improvement in prices of major products. Ammonia has increased by 39% per metric ton, whereas urea has risen by 7%”. SAFCO's urea formaldehyde plant went on-stream with an annual capacity of 30K metric tons. Final stages of work are currently underway on the SAFCO-4 expansion project which will add 2.2 MMT of ammonia and urea annually. "This will strengthen SABIC's competitive capabilities in the global marketplace and shareholder equity," according to a press release issued by the company.
