Riyadh-Mubasher: AlJazira Capital said Najran Cement’s Q4-15 net earnings reaching SAR 53.73 million were 19% below its projection.
The research firm recommended ‘Overweight’ on the stock, lowering the price target to SAR 17.4, with upside potential of 59.6%.
The cement producer posted a 16% decline in Q4 net profits to SAR 54 million, from SAR 64 million in the prior-year period.
“The company’s sales will likely fall by 3-5% in 2016 on the continued oversupply in the market and lower-than-expected demand,” : AlJazira Capital said.
