Saudi Arabian Fertilizer Company’s (SAFCO) net profit of SAR 338.3 million during fourth quarter of 2019, came below Riyad Capital’s estimates of SAR 374 million and market consensus of SAR 352 million, the brokerage firm said in a research note.

 

Riyad Capital maintained its neutral recommendation on the stock without changing the target price at SAR 73 per share.

 

The neutral recommendation means the total expected returns is between +15% and -15%.

 

SAFCO’s net profit for Q4 2019 fell 40.5% year-on-year (YoY) to SAR 338.26 million on lower average selling prices for its products and lower profit share from Ibn Ibn Al-Baytar Co, Argaam reported earlier.

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