Riyadh-Mubasher: Albilad Capital assigned Saudi Cement Co. an ‘Overweight’ rating, reducing the fair value from SAR 99.50 to SAR 72.30.
The research firm said the company’s Q4-15 net earnings of SAR 180 million were below its estimate of SAR 202 million.
“The cement sector’s sales will likely witness weak growth in 2016, due to the continued weak demand and low government spending on future projects,” Albilad Capital said.
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.
