Saudi Arabian Fertilizer Co (Safco), a Sabic subsidiary, reported a 65 per cent increase in profits during 2004 compared to 2003, Sabic said.

Profits rose $109 million compared to last year due to “an improvement in revenues of 21 per cent on each tonne of urea and 45 per cent on each tonne of ammonia,” the company stated.
“For the foreseeable future, prices should stabilise,” said Mohamed Al Mady, Safco chairman and Sabic vice chairman and CEO
Earlier, Safco entered into a loan agreement with a consortium of local and Gulf banks to the tune of SR 1.24 billion ($330 million) for the construction of its fourth fertiliser plant in Al-Jubail Industrial City.
Al Mady said the loan reflects the confidence of the local and regional financial institutions in Sabic’s strategies, trends and projects.
He lauded the continuous support provided by various financial institutions to Sabic and said such a constructive cooperation bode well for the company.