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Sipchem reported USD32.5m net profit
(MENAFN) The leading petrochemical and chemical manufacturing company in Saudi Arabia, Sipchem, has reported a net profit of SR122 million (USD32.5 million) for the third quarter of the year.
Al Rajhi Capital, a leading financial services provider in the kingdom said "Though revenue was slightly lower than our expectation, improvement in operating leverage, lower than expected operating costs and possibly zakat as well were mainly responsible for the earnings beat".
"The sharp improvement seen in q-o-q and y-o-y was mainly due to shutdowns in the respective past periods. Given the company's improving financial performance, we expect the company to reinstate dividends in 2H17 (last payment was in 1H15) - one of the key triggers for the stock" it added.
Al Rajhi Capital, a leading financial services provider in the kingdom said "Though revenue was slightly lower than our expectation, improvement in operating leverage, lower than expected operating costs and possibly zakat as well were mainly responsible for the earnings beat".
"The sharp improvement seen in q-o-q and y-o-y was mainly due to shutdowns in the respective past periods. Given the company's improving financial performance, we expect the company to reinstate dividends in 2H17 (last payment was in 1H15) - one of the key triggers for the stock" it added.
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