Riyadh – Mubasher: NCB Capital said Sunday that Saudi Arabian Fertilizer Company (SAFCO) net income declined in the second quarter of the fiscal year 2016 by 49.8% to SAR 299 million, versus SAR 596 million reported for Q2-15.
SAFCO’s results for Q2-16 come in line with NCB Capital’s estimates of SAR 293 million and SAR 290 million.
NCB Capital recommended ‘Neutral’ on the company’s stock, setting the price target at SAR 69.7.
Operating income declined by 53.8% to SAR 264 million in Q2-16, versus SAR 537 million in Q2-15, according to a statement.
Earnings per share for the three-month period ended on 30 June reached SAR 0.70, compared to SAR 1.43 for the same period in the previous year.
