AlJazira Cap maintains ‘Neutral’ rating for Advanced

07/07/2022 ِArgaam
Logo ofAdvanced Petrochemical Co.

Logo of Advanced Petrochemical Co.

Advanced Petrochemical Co.’s (APC) Q2 2022 net profit missed AlJazira Capital and consensus estimates, as it was driven by higher prices of propane and propylene raw materials purchased from external sources, AlJazira Capital stated in a recent report.

 

The brokerage added that pressure on the company's margins would ease in H2 2022 amid the current slowdown in raw material prices.
 

The petrochemical producer’s expansion plans are likely to help improve its performance in the long run.
 

The research firm maintained its "Neutral" rating for the stock, with a target price of SAR 59.

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