The second quarter results of Saudi Kayan Petrochemical Co. (Saudi Kayan) came below market expectations, Riyad Capital said in a note.

 

“Saudi Kayan posted a positive operational income, but the finance costs have widened the losses,” the brokerage firm said.

 

Riyad Cap also said that the company is working on lowering its debts, which will enhance its profits in the future.

 

The firm maintained “buy” recommendation with a target price of SAR 16 per share.

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