Yansab’s Q2 net profit falls below estimates: Albilad Capital

Yanbu National Petrochemical Co.’s (Yansab) second-quarter net profit (SAR 227.4 million) fell short of Albilad Capital’s forecast, the brokerage firm said in a report.

Earnings were hurt by lower production and weak sales during the period, the investment arm of Bank Albilad added.

Albilad Capital maintained a “neutral” rating on the stock and raised its target price to SAR 58.05 from SAR 47.50 as it expects a significant profit rise in the third quarter. The report based the projection on higher sales prices and output after the completion of maintenance.