Saudi Basic Industries Corp.’s (SABIC) second-quarter net profit (SAR 6.17 billion) exceeded NCB Capital’s estimate of SAR 4.8 billion and a consensus forecast of SAR 5 billion, the brokerage firm said in a report.
Profit during the period was attributed to an improved gross profit margin which reached 30 percent, marking its highest level since 2013.
The investment arm of National Commercial Bank maintained a “neutral” rating on the stock and kept its target price unchanged at SAR 102.1.
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