Riyadh – Mubasher: Al Rajhi Capital has maintained its “Neutral” rating on Advanced Petrochemical’s stock, with a target price of SAR 46 per share.

The stock trades at a future price-to-earnings ratio (P/E) of 12, compared to 12.1 and 12.8 P/E ratio of three years, according to a recent report.

Al Rajhi expected Advanced Petrochemical to distribute a dividend of SAR 2.8 per share for fiscal year 2017; a return of 6.2%.

The Saudi firm announced a net profit of SAR 194 million in the second quarter of 2017, compared to its forecast of SAR 200 million in profits, higher than the analysts’ expectations of SAR 170 million in profits, the report noted.

Al Rajhi clarified that the financials of the second quarter of 2017 confirm Advanced Petrochemical’s strong operating business.