Sabic Unit Safco’s Quarterly Profit Climbs 18%; Misses Estimates
Saudi Arabian Fertilizer Co., (SAFCO) an affiliate of Saudi Basic Industries Corp., posted an 18 percent increase in first-quarter profit, missing analysts’ estimates.
Net income of the company also known as Safco climbed to 932 million riyals ($249 million) from 787 million riyals a year earlier, the Jubail, Saudi Arabia-based company said in a statement. The mean estimate of 10 analysts was for profit of 992 million riyals, according to data compiled by Bloomberg.
The company’s net income decreased 19 percent from the fourth quarter as maintenance work at one of the plants affected sales and ammonia prices fell, the company said. Saudi Basic Industries, the world’s biggest petrochemicals maker by market value, known as Sabic (SABIC), owns 43 percent of Safco.
Safco is the third associate company of Sabic to report first-quarter results. Saudi Kayan Petrochemical Co. (KAYAN)’s loss widened to 155 million riyals from 71 million riyals, missing analysts’ estimates. Yanbu National Petrochemical Co. posted a 7.4 percent decline first-quarter profit.
Sabic may report first-quarter results on April 16, according to data compiled by Bloomberg. Quarterly profit is set to decline 10 percent, the data show.
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