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Southern Province Cement Co.’s net profit for Q4 2020 missed Riyad Capital and consensus estimates, the research firm said in an earnings review.
Riyad Capital said it noticed an improvement in the average selling price by 3% on a quarterly basis, to SAR 202 per ton.
“We raised our target price (TP) to SAR 91, but maintained a ‘Neutral’ rating,” the report said.
The recent announcement by the Public Investment Fund (PIF) about Soudah Development Co., with an investment of SAR 11 billion, is positive for the company, it added.
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