The Saudi Arabian Fertilizer Company (Safco), a Sabic affiliate, has reported net profits of SR818.8 million (around $218.3 million) for the first nine months of 2005, compared to SR408.6 profits in the same period of 2004.

Net profits for the third quarter of 2005 were SR344.6 million compared to SR 207.7 million in the same period in 2004, it was revealed.
Sabic Vice-Chairman and CEO and Safco Chairman and Managing Director Mohammed Al-Mady said Safco's profits in the past nine months rose by 100 per cent compared to the same period last year due to a 12 per cent rise in overall sales and urea prices increase of 38 per cent and ammonia prices increase of 11 per cent.
Al Mady said the 3Q 2005 45 per cent increase in profits over the profits in the second quarter of 2005 can be attributed to the rise of prices and increase in products sales by eight per cent.
Al Mady said products prices would see some stability in light of the continuing rise of gas prices and growing demand in different parts of the world.