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Qassim Cement Co.’s Q2 2017 net profit of SAR 53 million came below NCB Capital and consensus’ estimates of SAR 70 million and SAR 62.3 million respectively, the brokerage firm said in an earnings review.
“We believe the weakness came from lower sales quantities due to the construction slowdown, [and] weak margins due to revised fuel support levels and prices,” NCB Capital added.
Average selling prices stood at SAR 153 per ton, falling short of the brokerage firm’s estimates of SAR 178 per ton, likely as a result of the overall construction slowdown and increased competition in the sector
Gross margins dropped to 41.8 percent in the second quarter – the lowest level on record – from 55 percent in Q2 2016, missing NCB Capital’s estimates of 46.1 percent.
The brokerage said it believes that local cement producers may have offered further discounts, similar to Qassim Cement, in Q2 due to the continued slowdown in demand.
“We believe companies may similarly report weaker than expected results due to the weaker than expected sales quantities during the month of Ramadan,” NCB Capital added.
NCB Capital maintained a “neutral” rating on Qassim Cement, with a target price of SAR 59.7 per share.
Key downsides for the stock are further margin declines and a continued weakness in demand.
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