Riyadh-Mubasher: AlJazira Capital reiterated its ‘Overweight’ rating for Saudi Cement Co., lowering the price target to SAR 75.1, with upside potential of 48.7%.
The research firm said Saudi Cement’s Q4-15 net earnings reaching SAR 180 million were 6.7% below its forecast.
The cement producer posted a 33% decline in Q4 net profits to SAR 180 million, compared with SAR 268 million in the same period a year ago.
The company failed to maintain its share in the local market because of maintaining selling prices at high level.
“The company’s revenues are expected to be at around SAR 492.1 million, while the average price per tonne is seen around SAR 252.1 compared to SAR 253.9 in FY14,” AlJazira Capital said.
