Albilad Capital has upheld its "overweight" rating on Saudi Basic Industrial Corporation’s (SABIC) stock after the company reported a net profit of SAR 3.93 billion in first quarter.
During that period, Saudi Arabia’s biggest-listed firm witnessed a decline in earnings when compared to the same quarter last year. This is mainly due to falling sales revenues as a result of a significant drop in oil prices.
The investment arm of Albilad Bank has set a target price of SAR 106 per share for SABIC, and added that it projects the price of petrochemical materials to recover in the "near future."
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