VOL. XLI

No. 08

23-February-1998

SAUDI ARABIA

SAFCO Profit Falls 28% In 1997

The Saudi Arabian Fertilizer Company (SAFCO) has reported a 28.5% decline in profit to SR438mn ($117mn) in 1997 from SR613mn ($163mn) in 1996. The fall was attributed to a 27% drop in fertilizer prices according to the Chairman of SAFCO's board, Mr. Muhammad ibn Hamad al-Madi. The company is to increase its capital from SR1bn ($267mn) to SR1.5bn ($400mn) through a one-for-two bonus share issue to...