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Saudi petchem firms to post 22.7% growth in profit
- Saudi Arabia: Sunday, September 23 - 2012 at 09:31
NCB Capital has said concerns on the global economy continue to hold back the performance of the Saudi petrochemical sector, Arab News has reported. Rising propane and butane costs and operational inefficiencies at the new start-ups are contributing to the weak performance. In addition, pricing growth is restricted by weak demand, the report said. NCB Capital expects the total net income of the ten stocks under its coverage to decline by 16% year-on-year to SR34.2bn in 2012. "This is mainly due to higher losses by Saudi Kayan Petrochemical Co, increased propane and butane prices and weakness in petrochemical demand," said Iyad Ghulam, equity research analyst at NCB Capital. "However, the 2013 net income is expected to grow 22.7% year-on-year to SR41.9bn benefiting from higher contribution from Saudi Kayan, Sahara and Petrochem," he said.
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