Saudi cement firms’ Q2 profit misses estimates by 92%

The aggregate net profit of Saudi cement producers, amounting to SAR 27 million in Q2 2018, fell 92 percent short of the average estimates of SAR 352 million, data compiled by Argaam showed.

The results of all cement companies missed analysts’ estimates, especially for Saudi Cement and Yanbu Cement, which missed estimates by 49 percent and 89 percent, respectively. Southern Province Cement, Qassim Cement and Umm Al-Qura Cement, also missed estimates by 57 percent, 56 percent and 97 percent, respectively.

Yamama Cement, Arabian Cement, Hail Cement and Al-Jouf Cement reported net losses of SAR 36 million, SAR 51 million, SAR 18 million and SAR 14 million, respectively.

Meanwhile, Eastern Province Cement reported a net profit of SAR 19 million in Q2, beating the average estimates of SAR 14 million by 33 percent.

Out of eight research firms, Aljazira Capital and Osool & Bakheet’s forecasts were the closest to the results, followed by Sico and Al Rajhi Capital.