SAFCO’s Q1 2019 net profit exceeds estimates: NCBC

Saudi Arabian Fertilizers Co.’s (SAFCO) net income of SAR 335 million in the first quarter 2019 exceeded NCB Capital’s expectations and street estimates of SAR 190 million and SAR 293 million, respectively, the brokerage firm said in an earnings review.

The firm attributed the increase of SAFCO’s actual net profit above estimates to higher operating rates than expected despite shutdowns and lower production costs after spending efficiency programs implemented last year.
 
NCBC had previously issued a “neutral” recommendation on SAFCO’s stock with a target price at SAR 74.60 per share.