Saudi Fertilisers Co (Safco) posted a third-quarter net profit of 271.4 million riyals ($72.37 million), down 21 per cent from a year ago.

In a statement posted on the Saudi bourse website, Safco attributed the fall to a drop in sales, lower prices for its products and spending to revamp one of its plants.
Nine-month net profit was up two per cent from a year ago to 836.8 million riyals, said the statement.
Safco reported first half 2006 net profits of SR565.4 million compared to SR474.2 million in the same period of 2005. 
Net profits for Q2, 2006 were SR290 million compared to SR237.8 million in the same period of the previous year.
Mohamed Al-Mady, Sabic Vice-Chairman and CEO and Safco’s Chairman and Managing Director, said Safco’s first half 2006 profits increased by 19 per cent compared to the same period last year.
“This is due to the increase in prices of major products despite a five per cent decrease in the volume of sales.”
He also said that the increase in Q2, 2006 profits compared to Q1, 2006 profits is due to an improvement in urea prices and a rise in sales volume by two per cent.
The Safco IV expansion project has been commissioned and is scheduled to begin commercial production soon and improve the company’s profitability beginning Q 4, 2006.