Qassim Cement’s Q2 net profit in line with estimate, says Aljazira Capital

Qassim Cement’s second-quarter net profit (SAR 168.1 million) was in line with Aljazira Capital’s forecast by a margin of 1.6 percent, the brokerage firm said in a report.

The investment arm of Bank AlJazira kept the company’s rating at “overweight”, and reduced the stock’s target price to SAR 108.6.

The cement producer is expected to maintain sales growth this year on higher capacity utilization.

Last week, Qassim Cement reported a 4.3 percent year-on-year rise in Q2-2015 net profit and a 3.3 percent increase in H1-2015 net profit, when compared to H1-2014.