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NCBC sets Qassim Cement PT at SAR71/shr

NCBC sets Qassim Cement PT at SAR71/shr
NCBC also placed a Neutral rating on Qassim Cement - (Photo Credit: Arabianeye-Reuters)
QACCO
3040
-8.06% 58.20 -5.10

Riyadh - Mubasher: NCB Capital placed a Neutral rating on the stock of Qassim Cement with a price target (PT) of SAR 71 per share, which is higher than the stock’s current price at SAR 59.9, according to a recent report.

NCBC said that Qassim’s weak operating results were offset by other income, as the company reported financial results in the fourth quarter of 2016 that came in-line with their expectations, with the net income declining by 36.8% year-on-year to SAR 89 million.

The declines are mainly attributed to lower quantities sold, which declined by 19.2% compared to the year before, the report indicated, adding that it was combined with a 14.0% decline in selling prices, due to the high competition to maintain market share.