Sipchem’s Q3 2022 profit tops SNB Capital’s forecasts, but misses average estimates

18/10/2022 Argaam

Logo of Sahara International Petrochemical Co.’s (Sipchem)

Sahara International Petrochemical Co.’s (Sipchem) Q3 2022 net profit of SAR 774.4 million beat SNB Capital’s forecasts of SAR 656 million, but missed average analyst expectations of SAR 852 million, SNB Capital said in a recent note.

 

The company’s debts decreased by SAR 1.1 billion since the end of 2021 to reach SAR 4.3 billion currently. Its debt ratio improved to 24%. 

 

SNB Capital added that its outlook for Sipchem is positive in the short-to-medium term, due to the company’s unique portfolio. 

 

The research firm recommended an “Overweight” rating on the stock with a target price (TP) of SAR 63.1.

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