Yamama Cement’s Q2 net profit in line with estimate: Aljazira Capital

Yamama Cement’s second-quarter net profit (SAR 191.48 million) was in line with Aljazira Capital’s forecast by a margin of 3.2 percent, the brokerage firm said in a report.

However, the cement producer’s net operating profit for the quarter fell short of its expectations due to a decline in sales prices and lower sales volumes during Ramadan.

The investment arm of Bank Aljazira kept an “overweight” rating on the company’s stock and reduced its target price to SAR 58.6.

Last week, Yamama Cement reported a 7.7 percent year-on-year drop in Q2-2015 net profit, while H1-2015 net profit fell four percent compared to the same period last year.