Cairo – Mubasher: Pharos Research has maintained their fair value (FV) on Sidi Kerir Petrochemicals’ (Sidpec) stock at EGP 19.22 per share, with an ‘Equalweight’ recommendation.

Despite posting positive profit margins for the last quarter of 2018, Sidpec is likely to face pressure from the recent decline in global polyethylene prices, according to a recent research note.

On Monday, Sidpec reported a 14.7% year-on-year profit growth for the full-year 2018, logging EGP 1.2 billion, versus EGP 1.13 billion in 2017.

Sales increased to EGP 5.7 billion last year, versus EGP 4.9 billion a year earlier.

In October, Sidpec posted a 31% year-on-year rise in profits for the first nine months of 2018 due to a growth in production and sales.

Net profit stood at EGP 922 million in profits for the nine-month period ended September, versus EGP 703 million in the prior-year period.