NCB Capital slashes SABIC’s Q1 forecasts 2.2% on weak Yansab profits

15/04/2015 Argaam

NCB Capital has reduced SABIC’s forecasts​ ​by SAR 73 million (-2.2%) to SAR 3,270 million​ ​for first quarter following lower than expected profits posted by its subsidiary Yansab.

 
​Yansab's
​ profits were down 49​ ​​percent​ ​to SAR​ ​285.1 million in first 
quarter. Lower margin and higher production costs impacted the advantage of lower feedstock prices and higher volumes.
 
​Despite reporting weak profit for first quarter, ​Yansab's 
current share price is attractive and offers an opportunity for investment, NCB Capital​ ​added.
 
NCB Capital maintained an overweight rating of ​Yansab's stock ​with a target price of SAR 51.10.

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