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Sipchem Q4 profit falls short of forecasts – Al-Rajhi Capital

January 20, 2014

Al-Rajhi Capital has stated in a report that Saudi International Petrochemical Co.'s (Sipchem) Q4 net profit came in at SAR 196.8 million (+24.8% y-o-y), missing the report issuer and consensus' estimates by a wide margin. However, the company's gross and operating profits missed Al-Rajhi's expectations only marginally, and hence Al-Rajhi believes that the earnings miss was either due to lesser-than-expected non-operating income or higher other expenses. The report issuer reiterated its 'Overweight' rating on the stock, with a target price of SAR 38.6 per share.; All Rights Reserved - Mubasher Info

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Source: Mubasher (Saudi Arabic)

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