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Saudi Cement Co.’s fourth quarter net profit of SAR 187 million (up 6.3 percent year-on-year) came below both Al Rajhi Capital’s estimates at SAR 204 million and the consensus estimates at SAR 203 million.
In an earnings review, the brokerage firm said: “The growth in profit on a y-o-y basis is primarily due to the low base in Q4 last year because of the impairment loss of SAR 66.1million on the book values of kilns 4 & 5.”
Sales volumes which fell 17 percent y-o-y, and the gross profit which declined 21 percent y-o-y to SAR 221 million were due to the weak demand in the Eastern region and lower fuel subsidy.
However, despite weaker volumes, Saudi Cement was able to maintain its average selling price at the same level as in Q3 (as compared to deep discounts offered by other cement companies), the report added.
In addition, the cement producer also holds the highest level of inventory in the sector (4.7 million tons), “which could give the company an advantage over its peers in the coming quarters after any potential removal of energy subsidies.”
However, the advantages are unlikely to sustain due to increasing competition amid weak demand outlook, it added.
Al Rajhi Capital meanwhile maintained its ‘Neutral’ rating on the stock and an unchanged target price of SAR 62 per share.
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Saudi Cement’s FY16 net profit down 4% |
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