Jul 18 2011 |
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Tasnee 2Q Net Profit Up 54% On Yr To SAR594M On Sales
Monday, Jul 18, 2011
(This item was originally published Sunday.)
DUBAI (Zawya Dow Jones)--National Industrialization Co. (2060.SA), or Tasnee , said Sunday its second-quarter net profit surged to 594 million Saudi riyals ($158 million), a 54% jump from the SAR385 million recorded in the same period last year, due to higher sales volumes and prices.
Riyadh-based NCB Capital said in a note Sunday that the petrochemical maker's shares might underperform as its profit missed some analyst expectations. NCB Capital had forecast the company would make SAR581 million in the quarter, while Bahrain-based SICO Investment Bank had pencilled in SAR631 million and Credit Suisse SAR648 million.
"Despite the strong earnings, the stock could likely underperform as it fell short of consensus," NCB Capital said.
Tasnee 's shares were trading down 1% at SAR41.40 in early trading on the Saudi market.
-By Angus McDowall of Dow Jones; +971-4-446-1685, angus.mcdowall@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
18-07-11 0346GMT
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