Saudi Cement’s Q3 net income misses expectations: Riyad Capital

Saudi Cement’s net income of SAR 83 million in the third quarter of 2019 came below analysts’ estimates of SAR 109 million, Riyad Capital said in a research note.

“On a quarterly basis, the Eid and Hajj holidays affected sales. Higher financing costs, decrease in the company’s shares in income from associates, and decrease in other income contributed to a lower bottom-line over the third quarter,” the note said.

The brokerage firm maintained a “Neutral” rating with a target price of SAR 64 per share.