In a recent report, Al-Rajhi Capital has stated that Ma’aden posted poor Q1-14 financial results, with a net profit reaching SAR 125.2 million (down 47.7% y/y), while operating profits came at SAR 192 million that missed the research firm’s forecasts of SAR 223.6 million.

Ma’aden had announced a four-week planned shutdown at its ammonia plant and maintained that production at its diammonium phosphate (DAP) unit will not be hampered. However, considering the miss, Al-Rajhi believes that this may not be the case.

Albilad continues to remain ‘Overweight’ on the stock, with a target price of SAR 38.