Riyadh-Mubasher: AlJazira Capital said Saudi Arabian Fertilizer Co.’s (SAFCO) Q4-15 net earnings reaching SAR 379 million were 37% below its projection.
The research firm reiterated its ‘Overweight’ rating for the stock, lowering the price target to SAR 78.6, with upside potential of 15.5%.
SAFCO’s Q4-15 net profits dropped by 51% to SAR 379 million, down from SAR 779 million in the same quarter a year ago.
“We believe that despite the weak average product price, the lower-than-expected volumetric sales strongly affected the financial earnings in Q4-15,” AlJazira Capital said.
