Riyadh – Mubasher: Mubasher Trade Research (MTR) downgraded the target price of Yamama Cement Company by 3.1% to SAR 40 per share from SAR 41.3 per share, and maintained its ‘Buy’ recommendation on the stock.
The downgrade came after announcing the distribution of cash dividends at 50 halalas per share for the first quarter of 2016, 33% lower than MTR’s estimations at 75 halalas per share.
MTR also lowered its expectations regarding the dividends distributions for the second and the third quarters of fiscal 2016 from 75 halalas per share to 50 halalas per share for each quarter.
Yamama earlier announced that it will pay cash dividends at SAR 0.5 per share for Q1-16, totalling SAR 101.25 million.
