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The Saudi Arabian Fertilizer Company (SAFCO) has reported net profits of US$123.7million for the third quarter of 2009 compared to $487 million in the same period of 2008.
SAFCO, an affiliate of the Saudi Basic Industries Corporation (SABIC), said that the results represent a 74.6% year-on-year decline
SAFCO CEO, Mohamed Al-Mady, blamed the drop on the start up of a fertiliser plant in Egypt and the decline in demand from the American market.
“Sales volume in the third quarter rose compared to the second quarter of this year. Without this improvement, the impact of lower prices would have been a lot worse,” Al-Mady is quoted by Reuters as saying.
Saudi Arabian Fertilizer Company is the first petrochemical company in Saudi Arabia, was established 1965 as joint venture between the Government and the citizens of Saudi Arabia. SABIC owns 42.99% with 57.01% being held by the private sector.
