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Al-Jazirah Capital reported that Saudi Kayan Petrochemical Company reported good results in the second quarter of 2018, exceeding forecasts and analysts' average forecasts, supported by improved production capacity and a large product margin.
It is expected that the company will continue to benefit from improved production efficiency and high production capacity after the positive impact of decoupling projects .
"Continued optimism on Qian after the first signs of improvement in operational efficiency, gross margin is expected to decline gradually from the third quarter of 2018 due to lower margins in polypropylene and Butane, indicating that the production capacity could be higher than expected With an increase in global demand to increase sales of entities in the second half of this year.
and expects that high debt of the company continues in the short and medium term, the company being unable to distribute dividends for the next two years.
Adjusted net profit for the year 2018 to 2614 million rupees (1, 74 RS per share), instead of an earlier forecast of 1803 million SAR, an increase of 42%.
Al Jazeera Capital raised its recommendation to Saudi Arabia of the Neutra to increase positions with a target price adjustment from SR 17.10 to SR 22.10
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