Tadawul-listed cement producers reported a combined profit of SAR 1.09 billion for the third quarter, 19 percent lower than average market forecasts of SAR 1.35 billion, according to data compiled by Argaam.
Only Eastern Province Cement topped expectations by one percent, posting a net profit of SAR 67 million.
Meanwhile, figures of Tabuk Cement and Hail Cement fell short of forecasts by 54 percent and 52 percent, respectively. Yanbu Cement and Arabian Cement followed with a miss of 38 percent and 37 percent, respectively. Profits of Najran Cement came 29 percent below consensus estimates.
Results of remaining companies missed forecasts by five to 18 percent.
|
Profit vs. Estimates – Q3-2015 (SAR mln) |
|||
|
Difference |
Average estimates |
Actual profit |
Company |
|
(52%) |
36.7 |
17.5 |
Hail Cement |
|
(29%) |
45.0 |
32.1 |
Najran Cement |
|
(18%) |
58.0 |
47.4 |
City Cement |
|
(9%) |
58.1 |
52.6 |
Northern Region Cement |
|
(37%) |
141.6 |
89.5 |
Arabia Cement |
|
(38%) |
154.6 |
95.5 |
Yamama Cement |
|
(8%) |
226.1 |
208.0 |
Saudi Cement |
|
(13%) |
132.8 |
115.1 |
Qassim Cement |
|
(10%) |
224.4 |
202.0 |
Southern Region Cement |
|
(18%) |
176.4 |
145.0 |
Yanbu Cement |
|
+1% |
66.3 |
67.0 |
Eastern Province Cement |
|
(54%) |
20.0 |
9.2 |
Tabuk Cement |
|
(5%) |
19.7 |
18.6 |
Al Jouf Cement |
|
(19%) |
1,359.8 |
1,099.5 |
Total |
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