Safco profits declare
The Saudi Arabian Fertiliser Company (Safco) made a profit of SR110.4 million ($29.4 million) in 2002 compared to SR254.7 million ($68 million) in 2001.
Mohammad H Al-Mady, vice-chairman and managing director of Sabic and chairman of the board of Safco, attributed the decrease in Safco's profits to a decline in product prices due to the global economic recession. This caused a decrease in demand, which in turn affected profitability coupled with increased competition with new capacities coming on stream in different parts of the world.
Savola to set up new factories
Saudi food group Savola has reached an agreement with investors to set up factories in Morocco and Sudan at a total cost of SR40 million ($10.67 million).
The two factories will produce 70,000 tonnes of vegetable oil annually. It said Savola signed an agreement late last year to establish a joint venture company with a capital of SR20 million to produce and market 45,000 tonnes of vegetable oil in Morocco.
Alkhorayef in quality upgrade
The Saudi-based Alkhorayef Industries Company (AIC) has updated its quality management system to the new ISO9001: 2000 standard. The company was awarded the certification after an extensive audit by Quality Management Institute (QMI) of Canada. The certification covers manufacturing, sales and distribution of AIC products and services.
AIC, one of the Alkhorayef Group of Companies, manufactures API steel pipes, irrigation systems, vertical turbine pumps, right angle gear drives, polyethylene lined tubulars and engineered products. The award ceremony was held on the AIC premises in the Riyadh Second Industrial Area. "I am very proud of this achievement.
The positive comments made by our certification body, the Quality Management Institute (QMI), were overwhelming to me. By stepping forward with this system we are conquering the resistance to change and placing our company on a continuous improvement that is now even more focused towards our valued customers," said Mohammad Alkhorayef, president and CEO of AIC.
