SIIG's net income forecast to drop 6% in 2019: NCB Capital

22/05/2019 Argaam

 

Saudi Industrial Investment Group's (SIIG) net income is forecast to decline 6.4 percent year-on-year (YoY) in 2019 to reach SAR 809 million, NCB Capital said in a note.

 

This is due to a 10.7 percent decline in Petrochem’s revenues on lower prices which offset the higher operating rates of 122 percent, and lower margins due to the end of feedstock grace period at Petrochem.

 

"We expect the income from JVs to grow 22.1 percent to SAR 402 million in 2019," NCB Capital added.

 

NCB Capital downgraded SIIG to Neutral from Overweight with a revised target price of SAR 26.1 on lower expected profitability, the brokerage added.

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