Yanbu’s Q2 results inline with estimates: Albilad Capital

Yanbu Cement Company’s second quarter financial results were in line with estimates, said Albilad Capital, the investment arm of Albilad Bank.

The firm maintained its “overweight” recommendation for the cement maker with a target price of SAR 78.2 per share.

Albilad Capital added that it expects a continued growth of cement demand this year.

Yanbu Cement, the third-largest Saudi cement company, said on Sunday that it reported a net profit of SAR 453 million in H1-2015, a two percent increase compared to the same period last year.

The company’s Q2 net profit was SAR 246 million, 2.1 percent higher compared to the same quarter a year ago, according to data compiled by Argaam.

On the other hand, Yanbu Cement’s results came below Alistithmar Capital’s expectations. The firm downgraded Yanbu’s rating to “neutral” and reduced the target price from SAR 74 to 70 per share.