Riyadh - Mubasher: Albilad Capital raised the fair value estimate for Saudi Basic Industries Corporation (SABIC) from SAR 76.10 to SAR 85 per share, according to a report.
This comes after SABIC revealed the preliminary performance indicators for the second quarter of 2016, which exceeded expectations. The company also unveiled lower total costs from restructuring, according to Albilad’s report.
“According to our expectations of stable oil and petrochemical prices until the end of this year, we raise our fair value estimate for SABIC”, the report added.
SABIC reported a net profit of SAR 4.74 billion in the second quarter of the year versus SAR 6.17 billion in Q2-15, slumping 23% year-on-year, but exceeding estimates of SAR 4.01 billion.
