Riyad Cap says Saudi Cement Q2 2022 profit beats estimates, upgrades to ‘Buy’

15/08/2022 Argaam
Logo ofSaudi Cement Co.

Logo of Saudi Cement Co.

Saudi Cement Co.’s Q2 2022 net earnings of SAR 102.5 million were higher than Riyad Capital and consensus estimates of SAR 83 million and SAR 65 million, respectively.

 

This deviation in results was due to higher-than-expected selling prices.

 

Average selling prices rose 10% year-on-year (YoY) and 19% quarter-on-quarter (QoQ) to SAR 199 per ton.

 

The brokerage maintained the stock’s target price at SAR 61 per share, upgrading its rating to “Buy”.

Riyad Capital - Saudi Cement (14/8/2022)

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