Arabian Cement’s Q2 profit misses forecast: Saudi Fransi Capital

Arabian Cement Company’s (ACC) second-quarter net profit (SAR 162 million) fell short of an estimate set by Saudi Fransi Capital, the brokerage firm said in a report.

The investment arm of Banque Saudi Fransi said it was dissatisfied with the profit decline, but added that such a fall would not likely impact the stock’s performance in the long term.

Saudi Fransi Capital kept a “buy” rating on ACC and left its target price unchanged at SAR 95.

The cement producer last week announced its Q2-2015 results which saw a 19 percent year-on-year decline, mainly attributed to a drop in sales revenue and weak demand during Ramadan, as well as higher production costs.