Shares in #Saudi's Sipchem surge despite slight drop in Q2 profit | ZAWYA MENA Edition

Shares in Saudi's Sipchem surge despite slight drop in Q2 profit | ZAWYA MENA Edition:

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.