Riyadh – Mubasher: Albilad Capital placed a ‘Neutral’ recommendation on Saudi Basic Industries Corp (SABIC), increasing the fair value from SAR 85 to SAR 93.3, 0.1% down compared to the stock’s closing level of SAR 93.39 on Sunday.
The firm said that SABIC’s profits for the fourth quarter of fiscal 2016 were lower than its estimates of SAR 5.37 billion and consensus estimate of SAR 4.85 billion.
The company’s net profits for Q4-16 rose 47.73% to SAR 4.55 billion from SAR 3.08 billion for Q4-15.
