Sahara Petrochemical Co.’s second-quarter net profit (SAR 11.4 million) fell well below Saudi Fransi Capital’s forecast of SAR 46 million and a consensus estimate of SAR 41 million, the brokerage firm said in a report.
Results were said to have been negatively impacted by scheduled maintenance at plants run by its subsidiaries Al Waha Petrochemical Co. and Sahara and Maaden Petrochemical Co. (SAMAPCO), which were closed for 30 days and 22 days, respectively.
The investment arm of Banque Saudi Fransi maintained a “hold” rating on the stock and kept its price target unchanged at SAR 14.50.
Comments
{{DisplayName}}
{{ElapsedTime}}