Shares in Saudi Arabia’s Sahara International Petrochemical Company (Sipchem) rallied on Thursday despite the company reporting a drop in Q2 2019 net profit.
The company’s Q2 2019 net profit after zakat and tax amounted to 210.9 million Saudi riyals ($56.23 million), compared to 211.4 million riyals in Q2 2018, a 0.24 percent drop.
“Good set of numbers by Sipchem,” Pritish Devassy, head of equity research at Al Rajhi Capital told Zawya in an email statement.
Sipchem’s Q2 2019 sales dropped 4.1 percent to 1.41 billion riyals, down from 1.47 billion riyals in Q2 2018.
The company’s shares rose 4.38 percent to 20.04 riyals by 13:33 GST on Thursday as the stock was the best performer on the Saudi exchange.
Sipchem’s shares added 0.4 percent so far since the start of the year 2019.
(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)
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