Riyadh – Mubasher: NCB Capital said Wednesday that net income of Saudi International Petrochemical Company (Sipchem) was lower than its estimates of SAR 29 million and consensus estimates of SAR 50 million.
Sipchem reported today a net profit of SAR 26 million, down 76.4% year-on-year and 48.7% quarter-on-quarter.
Meanwhile, gross profit came in line with NCB Capital’s estimates, according to a statement.
Revenue stood at SAR 880 million in Q2-16, 9.6% higher than NCB Capital’s estimate.
NCB Capital maintained its Overweight recommendation on Sipchem with a price target of SAR15.9.
