Saudi Fransi affirms ‘buy’ on SIIG

21/04/2015 Argaam
Saudi Fransi Capital affirmed its "buy" recommendation on Saudi Industrial Investment Group (SIIG), raising the target price to SAR 31 from SAR 29.
 
The brokerage said the diversified petrochemical producer’s Q1-2015 net profit topped its SAR 72 million forecast and average consensus estimates of SAR 105 million. The strong set of results was backed by improved performance of SIIG’s subsidiaries. 
 
The company posted a net profit of SAR 126 million for the first quarter, 52 percent lower year-on-year. 

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