Riyadh-Mubasher: Saudi Fransi Capital (SFC) initiated coverage on Saudi Arabian Fertilizer Co. (SAFCO), recommending ‘Buy’ and setting the price target at SAR 106.
The company’s earnings will likely reach SAR 648 million in the fourth quarter of 2015, falling 17% year-on-year from SAR 779 million but rising 14% quarter-on-quarter from SAR 566 million, SFC said.
The research firm added that SAFCO is one of the companies which can be relied upon in a volatile market due to its strong operations and cash flows as well as attractive dividends.
