Business | General
Safco records highest ever profit in '06
According to preliminary results, Sabic affiliate the Saudi Arabian Fertiliser Company (Safco) reported its highest ever profit in 2006, amounting to 1.15 billion Saudi riyals compared to 1.11 billion riyals in 2005.
- By Mariam Al Hakeem, Correspondent
- Published: 00:00 January 22, 2007
Riyadh: According to preliminary results, Sabic affiliate the Saudi Arabian Fertiliser Company (Safco) reported its highest ever profit in 2006, amounting to 1.15 billion Saudi riyals compared to 1.11 billion riyals in 2005.
Mohammad 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 five per cent and has resulted in an increase in profit per share to reach 5.8 riyals compared with 5.5 riyals last year."
Al Mady indicated that Safco's operating profits at the end of 2006 were 988 million riyals compared to 982 million riyals in 2005, an increase of 0.6 per cent.
He outlined that the profits of the fourth quarter of 2006 amounted to 314 million riyals.
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