Riyadh – Mubasher: Al-Rajhi Capital Research said Thursday that it has maintained its target price (TP) for Saudi Basic Industries Corporation (SABIC) at SAR 85 per share, with a ‘Neutral’ rating.

The research firm believed that SABIC remains in a comfortable position, but said that it will revise its estimates after revealing detailed financials, according to a report.

SABIC’s net profits for the third quarter of fiscal 2016 amounted to SAR 5.22 billion, beating Al Rajhi’s estimates of SAR 4.8 billion and consensus forecast of SAR 5.1 billion.

Al-Rajhi said that this performance emphasises that the efforts on cost cutting seen in the past is bearing fruit and in doing so, SABIC has raised the bar for the future periods.