Southern Province Cement Co.’s second-quarter operating profit (SAR 272 million) fell below Alistithmar Capital’s estimate of SAR 321 million by 15 percent, the brokerage firm said in a report.
The company was said to have outperformed competitors on deliveries year-to-date, however, costs associated with clinker imports weighed on its margins.
The investment arm of Saudi Investment Bank recommended a “neutral” rating on the stock and set its target price at SAR 105.
Only July 14, Southern Cement reported an eight percent drop in Q2-2015 net profit, which totaled SAR 270.3 million compared to SAR 294.2 million in Q2-2014.
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