Saudi cement firms’ combined Q2 profit misses forecasts

Saudi cement producers have reported a combined Q2-2015 net profit of SAR 1.6 billion, which fell short of consensus forecasts of SAR 1.7 billion by 5 percent, market data compiled by Argaam showed.

Hail Cement’s Q2 net profit fell short of the average forecasts by 29 percent, and Tabuk Cement’s results missed consensus by 18 percent. Financial results of Arabian Cement Co. (ACC), City Cement Co., Southern Province Cement Co., Najran Cement Co., and Al Jouf Cement Co. for the second quarter of 2015 were below forecasts by 5-17 percent.

Meanwhile, Eastern Cement's Q2 profit topped the average forecasts by 13 percent. Yanbu Cement, Northern Region Cement Co. and Yamama Cement beat the average estimates by 1-3 percent.

Q2-2015 Net Profit/ Estimates (SAR mln)
Difference	Estimate	Net profit	Company
(29%)	40.0	28.6	Hail Cement
(15%)	91.0	77.8	Najran Cement
(5%)	72.0	68.3	City Cement
+3%	62.0	64.0	Northern Region Cement
(17%)	195.0	161.9	Arabian Cement
+1%	189.0	191.4	Yamama Cement
(9%)	279.0	254.0	Saudi Cement
--	168.0	168.1	Qassim Cement
(6%)	287.0	270.4	Southern Cement
+3%	238.0	245.5	Yanbu Cement
+13%	82.0	93.0	Eastern Province Cement
(18%)	33.0	26.9	Tabuk Cement
(11%)	30.0	26.8	Aljouf Cement
(5%)	1766.0	1676.6	Total

Among Saudi research firms, Saudi Fransi Capital, Aljazira Capital, Bakheet Investment Group, Al-Rajhi Capital, NCB Capital, KSB Capital, and Alistithmar Capital released recommendations for the Saudi cement firms.

Saudi Research Firms’ Nearest Estimates (SAR mln)
Research Firm	Difference	Estimates	Net Profit	Company
Saudi Fransi Capital	+22%	35.0	28.6	Hail Cement
Bakheet	+16%	90.0	77.8	Najran Cement
Bahkeet	+2%	70.0	68.3	City Cement
Aljazira Capital	(2%)	63.0	64.0	Northern Region Cement
Alistithmar Capital	+13	183.0	161.9	Arabian Cement
Al Rajhi Capital, NCB Capital, Saudi Fransi Capital	(2%)	188.0	191.4	Yamama Cement
Al-Bilad Investment	+5%	266.0	254.0	Saudi Cement
Al Rajhi Capital	0.0%	168.0	168.1	Qassim Cement
NCB Capital	+1%	272.0	270.4	Southern Cement
Al-Bilad Investment	(0.2%)	245.0	245.5	Yanbu Cement
Saudi Fransi Capital	(5%)	88.0	93.0	Eastern Province Cement
Saudi Fransi Capital	+15%	31.0	26.9	Tabuk Cement
Saudi Fransi Capital	+12%	30.0	26.8	Aljouf Cement

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