Hail Cement’s Q2 net profit misses forecast: Saudi Fransi Capital

Hail Cement’s second-quarter net profit (SAR 29 million) fell short of Saudi Fransi Capital’s estimate, the brokerage firm said in a report.

Lower earnings were attributed the shutdown of the company’s plant for a three week period, as well as a decline in sales prices.

The investment arm of Banque Saudi Fransi (BSF) reaffirmed the stock’s “buy” rating at a target price of SAR 30.

On Sunday, the cement producer reported a 38 percent year-on-year drop in Q2 net profit. H1-2015 net profit declined 18 percent to SAR 66.1 million, compared to SAR 81.1 million in the same period last year.