Riyadh – Mubasher: Albilad Capital decreased its valuation on Al Hammadi Company for Development and Investment from SAR 45 to SAR 41 per share, with an “Overweight” recommendation, with a 13.7% expected return.

Net profit for the fourth quarter of 2016 missed our estimate of SAR 31 million as well as the analysts’ consensus of SAR 30 million, the research firm said.

The company posted a net profit of SAR 10.7 million in Q4, down 70% from SAR 35.8 million in Q4-15.

Albilad Capital said that it has reviewed its future estimates for revenues and profit margins factoring the delayed of test run for Al Nuzha branch, as well as the period for the return of Al Olaya Hospital to its normal operation before the electrical contact.