Mohammad H Al-Mady, Vice Chairman and Managing Director of SABIC and Chairman of the Board of SAFCO, said that the last quarter of the year realized a profit of SR37.35 million (US$10 million) compared to the SR499,000 in the same period of 2001.
He attributed the decrease in SAFCO's profits to a decline in product prices due to the global economic recession. This caused a decrease in demand which in turn affected profitability coupled with increased competition with new capacities coming on stream in different parts of the world.
SAFCO increased its production by 8 percent and raised sales volumes by 3 percent compared to 2001 in an effort to offset the decline in prices.
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SAFCO announces SR110.4 million profit for 2002
- Saudi Arabia: Wednesday, January 22 - 2003 at 09:08
- PRESS RELEASE
The Saudi Arabian Fertilizer Company (SAFCO) made a profit of SR110.4 (USD29.4 million) in 2002 compared to SR254.7 (USD68 million) in 2001.
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Issued on behalf of SABIC by Gulf Hill & Knowlton. For further information, please contact Rob Foyle on tel: 009661 2258034.
Posted by Anne-Birte Stensgaard, News EditorWednesday, January 22 - 2003 at 09:08 UAE local time (GMT+4)
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This article was updated on Sun Jul 17 2005.
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