VOL. XLVI

No 4

27-January-2003

SAUDI ARABIA

SAFCO Profit Down By 57% In 2002

Saudi Arabian Fertilizer Company (SAFCO), a subsidiary of Saudi Arabian Basic Industries Corporation (SABIC), made a net profit of SR110.4mn ($29.4mn) in 2002 compared to SR254.7mn ($68mn) in 2001, a drop of 56.7%, the company announced on 21 January. Muhammad 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 SR37.35mn...