Riyad Cap says Riyadh Cement’s H1 2021 profit beat estimates, recommends ‘Neutral’

13/09/2021 Argaam

Logo of Riyadh Cement Co.

Riyadh Cement Co.’s net profit of SAR 160 million in the first half of the year exceeded Riyad Capital’s estimate of SAR 142 million on higher local sales volumes.
 

The company posted a strong top, close to the report issuer’s estimates, due to a 57% year-on-year (YoY) rise in black cement sales volume to 1.9 million tons during H1 2021.
 

Clinker inventory stood at 1.5 million tons by end of H1 2021, 24% higher compared to the same period last year, representing 4% of the clinker inventories in the cement sector.

 

Riyad Capital downgraded Riyadh Cement to “Neutral”, keeping the stock’s target price unchanged at SAR 38.00. 

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