Mubasher - Riyadh: Sahara Petrochemicals achieved a "strong" set of results in the second quarter of 2016, with an 88.5% increase in net income year-on-year to SAR 96.4 million from SAR 11 million, according to a report by NCB Capital.

The company’s results beat the estimates of the NCBC and consensus by SAR 66.8 million and SAR 74 million, respectively, due to lower operating expenses and losses expected at acrylic facility and Sahara and  Ma'aden Petrochemicals Company (SAMAPACO).

The petrochemical company’s revenues came in-line with the estimates at a value of SAR 449.5 million in Q2-16, the report added.

Operating expenses decreased 11.8% year-on-year to SAR 46.2 million in Q2-16, which is lower than NCBC’s estimates by SAR 50.9 million.

The research firm remained “Neutral” on Sahara’s stock with a price target of SAR 10.