Advanced Q2 earnings beat estimates, TP raised to SAR 82: Riyad Cap

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Advanced Petrochemical Co.’s Q2 2021 net profit of SAR 265 million exceeded Riyad Capital and consensus estimates of SAR 224 million and SAR 222 million, respectively, the brokerage firm said in an earnings review.

The difference was attributed to higher polypropylene prices.

Riyad Capital maintained “Neutral” recommendation on Advanced, and raised the target price (TP) to SAR 82 per share from SAR 76, on a more robust outlook.