Yamama Cement’s Q3 2019 results miss expectations: NCBC

  • YC(1.11%)
22/10/2019 Argaam

 

Yamama Cement’s Q3 2019 net profit of SAR 55 million came lower than analysts’ and consensus estimates of SAR 60 million, NCB Capital said in a research note.

 

“The deviation is primarily on account of lower than expected sales, which was 6.7 percent lower than our estimates. Also, non-operating expenses were slightly higher than our expectation,” the note said.

 

The brokerage firm also said that the continued year-on-year (YoY) improvement in selling prices for Yamama Cement and potentially the remaining players is a key positive.

 

“However, the YoY decline in sales volume for Yamama Cement remains a key concern. We expect further clarity on the timeline of mega projects to be the key catalyst for an improvement in cement demand in Saudi going forward,” the note said.

 

Therefore, NCBC issued “Neutral” recommendation towards the company’s share with a target price of SAR 19.3 per share.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.