Saudi International Petrochemical Co.’s (Sipchem) second-quarter net profit of SAR 211.4 million came higher than Aljazira Capital’s forecasts of SAR 188 million, the research firm said in an earnings review.
Aljazira Capital added that the output efficiency and operating rate are likely to be preserved in the third quarter of the year, after the previous plants maintenance, expecting the shutdown of the methanol plant in Q4 to affect the sales volume.
The start of the commercial production of the Polybutylene Terephthalate Plant is expected to add SAR 290 million sales in 2019, the review said.
The company is expected to increase its dividends distribution to SAR 1 per share for 2018, compared to SAR 0.5 per share distributed for 2017.
Aljazira Capital maintained its Overweight recommendation on the company, with a price target at SAR 25.5 per share.
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