Oct 09 2011 |
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Saudi Arabian Fertilizer Company Announces 3Q Profits Up 100 Per Cent
Riyadh - 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.
© Saudi Press Agency 2011
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