Sahara’s earnings to grow in H2-15: Aljazira Capital

Sahara Petrochemical Company’s Q2 profit of SAR 11.4 million was 72.6 percnet below estimates set by Aljazira Capital, the brokerage firm said in a report. The company’s profit was also 72.1 percent below consensus estimates.

Sahara’s earnings, however, are seen to grow in H2-2015 on Al Waha plant operations, as well as production at its other subsidiaries.

The investment firm reaffirmed its “overweight” recommendation on Sahara’s stock, and reduced the target price from SAR 23.6 to SAR 17.9 per share. 

Aljazira Capital based its overweight recommendation on the expectation that Sahara’s share price will rise above ten percent over the next 12 months.