AlQa'dah 11, 1432, Oct 9, 2011, SPA - The Saudi Arabian Fertilizer Co. says its net profits doubled in the third quarter of 2011 versus the same three month period the year before. Safco, a subsidiary of petrochemical giant Saudi Basic Industries Corporation (SABIC), said Sunday that net income in the third quarter climbed to SR 1.21 billion compared to SR 604 million in the corresponding quarter a year earlier. It attributed the increase to increasing global prices for its products, according to a press release of Safco. Safco is 43 percent owned by SABIC, one of the world's largest manufacturers of chemicals, plastics, fertilizers and metals, according to the press release quoted by the Associated Press.
