NCB Capital has reduced SABIC’s forecasts by SAR 73 million (-2.2%) to SAR 3,270 million for first quarter following lower than expected profits posted by its subsidiary Yansab.
Yansab's
profits were down 49 percent to SAR 285.1 million in first
quarter. Lower margin and higher production costs impacted the advantage of lower feedstock prices and higher volumes.
Despite reporting weak profit for first quarter, Yansab's
current share price is attractive and offers an opportunity for investment, NCB Capital added.
NCB Capital maintained an overweight rating of Yansab's stock with a target price of SAR 51.10.
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