Southern Province Cement Co.’s second-quarter net profit (SAR 270 million) exceeded Riyad Capital’s expectation, the brokerage firm said in a report.
The Saudi cement producer was not affected by the slowdown in business activity during Ramadan, however an impact may be reflected in the third quarter, the report added.
The investment arm of Riyad Bank reaffirmed a "buy" rating on the stock, left its target price unchanged at SAR 115 and maintained a positive outlook for the company on its stable dividends and free cash flow.
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