SABIC Vice Chairman and Chief Executive Officer, Mohamed Al-Mady, who is also SAFCO Chairman and Managing Director said the Saudi Arabian Fertilizers Co. (SAFCO) reported net profits of SR 836.8 million during the first nine months of 2006, compared with SR 818.8 million in the same period in 2005, an increase of 2% due to the rise of the share profit of SR 4.18 compared with SR 4.09 in the same period. Operational profits by end of the 3rd Quarter of 2006 were SR 708.3 million compared with SR 742.3 million in the same period of 2005, a decrease of 4.5% due to a drop in sales volume, according to a press release carried by SABIC website yesterday. Profits for the third quarter of 2006 were SR 271.4 million compared with SR 344.6 million in the same period last year, a decrease of 21% due to drop in volume of sales and prices of key products as well as the performance of periodic maintenance tasks in the SAFCO-2 facility.
