Saudi Cement’s net income of SAR 83 million in the third quarter of 2019 came below analysts’ estimates of SAR 109 million, Riyad Capital said in a research note.

 

“On a quarterly basis, the Eid and Hajj holidays affected sales. Higher financing costs, decrease in the company’s shares in income from associates, and decrease in other income contributed to a lower bottom-line over the third quarter,” the note said.

 

The brokerage firm maintained a “Neutral” rating with a target price of SAR 64 per share.

Riyad Capital - Saudi Cement 03/11/2019

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