Cement producers’ Q1 combined profits seen to grow 6%

Cement producers are expected to post an average six percent growth in combined profits for the first quarter to nearly SAR 1.730 billion, compared to the same period last year, according to consensus estimates posted by several Saudi firms.

Eight out of 13 players are projected to generate higher profit.

Eastern Province Cement and Tabuk Cement will likely see profit drops of 46 percent and ten percent, respectively.

Yamama Cement and Saudi Cement are forecasted to report flat year-on-year earnings of SAR 175 million and SAR 286 million, respectively.

Comparison of Q1-2014 and Q1-2015 Profit Estimates
Change	2015 profits	2014 profits	Number of Analysts	Company
+11%	39	35.1	2	Hail Cement
+64%	88	53.7	2	Najran Cement
+9%	71	65.3	2	City Cement
+30%	79	60.8	1	Northern Region Cement
+6%	177	167.1	3	Arabian Cement
--	175	175	7	Yamama Cement
--	286	286	8	Saudi Cement
+1%	161	159	7	Qassim Cement
+28%	283	221	7	Southern Province Cement
+20%	246	205	8	Yanbu Cement
(46%)	85	157	2	Eastern Province Cement
(10%)	40	44	2	Tabuk Cement
+6%	1,730	1,629	Total

Among Saudi research firms, AlJazira Capital issued the widest coverage on the sector with 11 companies. Albilad Capital tailed the list of research firms, issuing forecasts for only three cement producers.

The table below shows each firm’s profit forecasts for Q1:

Q1-2015 Estimates
Estimates	Bakheet	Albilad Capital	Alistithmar Capital	KSB Capital	NCB Capital	Riyad Capital	Aljazira Capital	Al Rajhi Capital	Company
39	38	--	--	--	--	--	39	--	Hail Cement
88	92	--	--	--	--	--	84	--	Najran Cement
71	72	--	--	--	--	--	69	--	City Cement
79	--	--	--	--	--	--	79	--	Northern Region Cement
177	190	--	--	--	--	--	163	177	Arabian Cement
175	176	168	183	--	186	178	181	152	Yamama Cement
286	297	264	307	284	305	218	296	318	Saudi Cement
161	163	--	161	164	163	160	163	152	Qassim Cement
283	294	--	289	303	279	255	282	279	Southern Province Cement
246	256	228	250	245	237	264	252	236	Yanbu Cement
85	--	--	--	--	81	--	89	--	Eastern Province Cement
40	43	--	--	37	--	--	--	--	Tabuk Cement

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