NO. 16


Saudi Arabia

SAFCO's Profits Continue To Fall

The Saudi Arabian Fertilizer Company (SAFCO) in 1993 reported a profit ofSR75mn ($20mn), down 33% from SR111.8mn ($29.8mn) in 1992, according to thecompany's results announced at the beginning of 1994. The company attributed thedecline in profitability to a fall in the international prices of urea andmelamine and lower SAFCO exports to East Europe and Russia which are currentlyfacing economic hardships. The company...