National Industrialization Co.’s (Tasnee) net profit of SAR 185.6 million for Q4 2018 came in lower than AlJazira Capital’s estimates of SAR 314.1 million, the brokerage said in an earnings report.
The deviation was attributed to higher than expected COGS and impairment charge of SAR 60 million for non-current assets.
Sales stood at SAR 2.73 billion, in-line with the brokerage's estimates of SAR 2.75 billion. However, average selling prices of TiO2 declined by 2.6 percent quarter-on-quarter (QoQ).
Tasnee is expected to post SAR 1.23 billion in net income for FY 2019, indicating a growth of 2.3 percent year-on-year, AlJazira Capital noted.
The brokerage maintained its "overweight" rating on the stock, revising the target price to SAR 22 a share.
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