Saudi petrochemical producers log lower-than-expected Q1 profits

Saudi petrochemical companies— with the exception of Chemanol and Alujain— recorded a combined actual profit at SAR 4,435 million in the first quarter, two percent lower than percent market estimates, according to a study conducted by Argaam.

The financials of eight companies were below forecasts of analysts, led by SAFCO (18 percent). It was followed by Yansab (15 percent), Petrochem (25 percent) and Sipchem (26 percent).

Meanwhile, Tasnee and Sahara reported net losses of SAR 333 million and SAR 49.5 million, respectively for the first quarter, completely missing forecasts.

Meanwhile, SABIC and Advanced Petrochemical reported better-than-expected results. Petro Rabigh also beat estimates for losses, posting a net profit of SAR 205 million.

Seven research firms, namely Alistithmar Capital, Riyad Capital, Albilad Capital, Aljazira Capital, Bakheet, NCB Capital, and Al-Rajhi Capital issued forecasts for petrochemical companies.