Riyadh-Mubasher: Saudi Arabian Fertilizer Co.’s (SAFCO) earnings for the fourth quarter of 2015 were below its forecasts of SAR 433 million.
The research firm placed a ‘Neutral’ recommendation on the stock, setting the price target at SAR 70.
The company’s Q4-15 net profits dropped by 51% to SAR 379 million, down from SAR 779 million in the same quarter a year ago.
SAFCO ascribed the profit fall to a decrease in sale prices and increase in costs.
