The Q2 2019 net profit of Yanbu National Petrochemical Company (Yansab) came well below average estimates, Falcom Financial Services said in a research note.
“The financial fundamentals of Yansab are still strong,” Falcom said.
“Despite weaker market expectations of mono ethylene glycol and weaker selling prices of other products, the company’s revenues and net profits will remain under pressure,” the brokerage firm further added.
Falcom maintained its “Neutral” recommendation for Yansab share, and lowered target price to SAR 62 per share from SAR 66.10.
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