According to preliminary results, SABIC affiliate, the Saudi Arabian Fertilizer Company (SAFCO) reported its highest ever profits during 2006, amounting to SR 1.15 billion compared to SR 1.11 billion in 2005. Mohamad Al-Mady, SABIC Vice Chairman and CEO and SAFCO Chairman and Managing Director said, “These are the highest profits achieved by the company since its inception, exceeding the index recorded last year by 5% and has resulted in an increase in profit per share to reach SR 5.8 compared with SR 5.5 last year.” Al-Mady indicated that SAFCO's operating profits at the end of 2006 were SR 988 million compared to SR 982 million in 2005, an increase of 0.6%. He outlined that the profits of the 4Q2006 amounted to SR 314 million compared to SR 281.4 million in the same period of 2005, an increase of 11.6% due to increased sales volume by 29%, according to a report carried today by SABIC's web-site.
