(MENAFN) The leading petrochemical and chemical manufacturing company in Saudi Arabia, Sipchem, has reported a net profit of SR122 million (USD32.5 million) for the third quarter of the year.
Al Rajhi Capital, a leading financial services provider in the kingdom said "Though revenue was slightly lower than our expectation, improvement in operating leverage, lower than expected operating costs and possibly zakat as well were mainly responsible for the earnings beat".
"The sharp improvement seen in q-o-q and y-o-y was mainly due to shutdowns in the respective past periods. Given the company's improving financial performance, we expect the company to reinstate dividends in 2H17 (last payment was in 1H15) - one of the key triggers for the stock" it added.
MENAFN3010201700450000ID1096013538
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.