Moroccan Refiner La Samir Issues Profit Warning Share Falls by 10

Moroccan Refiner La Samir Issues Profit Warning Share Falls by 10

Rabat – Morocco’s refiner of petroleum products La SAMIR issued a profit warning on Wednesday, saying that the fall in oil prices worldwide would hit results despite the 15% increase in local sales and improved margins.“Like other refineries in the world, the strong oil price drop to around $65 from $110 in July will negatively affect the stock’s value in 2014,” the company said in a statement.However, and despite attempts by the Moroccan refiner to reassure shareholders, a sharp decline had been recorded in the company’s share value following the publication of the profit warning. The share price of the La SAMIR at the Casablanca stock exchange fell 10% after the company announced that it anticipates negative results by the end of the 2014 fiscal year, due to the fall of oil prices by almost 40% in six months.69,000 shares were offered for sale at any price and the share moved from 313 Dirhams to 281 Dirhams.

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