Al Jazira Capital maintained their ‘Overweight’ rating on Yamama Cement, and lowered the stock’s target price (TP) to SAR 22.40, according to a recent report.

Yamama Cement is expected to post net income of SAR 345.8 million in 2017, recording a decline of 5.2% compared to 2016, influenced by lower sales volume and weak selling prices, the statement indicated.

The research firm also said in its report that the company saw weak performance due to the decline in volumetric sales, lower price realization and higher than expected cost per ton in the fourth quarter of 2016.