Saudi Basic Industries Corporation’s (SABIC) Q4 2019 results missed both Riyad Capital and market consensus’ estimates of SAR 1.78 billion, the brokerage firm said in an earnings review.
SABIC recorded SAR 1.3 billion in impairment provision for in Ibn Rushd.
Riyad Capital maintained its neutral recommendation on the company’s share and lowered the target price from SAR 100 to SAR 95.
The company reported a net loss after zakat and tax of SAR 720 million in Q4 2019, Argaam earlier reported.
The neutral recommendation means that the total expected revenues generated from the share is between +15% and -15%.
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