Saudi Fransi Cap maintains ‘buy' on SAFCO; TP at SAR 75

30/03/2016 Argaam

Saudi Fransi Capital has maintained a “buy” rating on Saudi Arabia Fertilizers Co. (SAFCO) and kept the target price at SAR 75 per share.

 

The brokerage firm said in a report that it expects the company’s first quarter profit to fall 34 percent year-on-year (YoY) to SAR 387 million.

 

A 22 percent YoY drop in sales value for Q1-2016 was attributed to a continuous decline in urea prices, the investment arm of Banque Saudi Fransi said, adding that there was no signs of recovery. 

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