Riyadh – Mubasher: NCB Capital on Wednesday said that the National Petrochemical Company (Petrochem) achieved a higher-than-expected net income, and maintained its “Neutral” recommendation with a price target (PT) of SAR 18.4.

Petrochem achieved SAR 132 million in net income for the second quarter of 2017, exceeding expectations of SAR 92 million, although the net income declined 36.4% year-on-year, NCB Capital added.

The Saudi petrochemical firm’s revenues increased 6.8% to reach SAR 1.75 billion in Q2-17, above the expected SAR 1.44 billion.

Operating profits rose 16.6% above NCB Capitals’ expectations to SAR 157.1 million in Q2-17, higher than the estimate of SAR 143.7 million.

Petrochem’s stock levelled up 3.17%, closing at SAR 16.90 on Wednesday.