Pharos Research said in a report that Sidi Kerir Petrochemicals Co. (Sidpec) posted strong financial results for Q3-13, which came in line with its forecasts.
The research firm also maintained its expectations that the company will post EGP 1.241 million profit in FY13. It reiterated the stock’s fair value estimate at EGP 20 and maintained a Buy recommendation.
According to the report issuer, Sidpec is expected to distribute cash dividend for FY13 at EGP 2.1 per share.
The company had posted EGP 323.5 million net profit for Q3-13, compared with EGP 255.8 million in the same period a year earlier.