Riyadh-Mubasher: Yanbu Cement Co. (YCC) reported disappointing set of numbers for the third quarter of 2015, Al-Rajhi Capital said in a report.

The company’s net profit came at SAR 145 million (down 11% year-on-year), missing Al-Rajhi and consensus estimates.

Although the company attributed the profit decline to the imported clinker subsidy of SAR 37 million received from the government last year, the report issuer believes that the average realised selling price and September volumes were below its estimates.

"We will revisit our estimates once the detailed financials are released," Al-Rajhi said.

For now, the research firm remains 'Overweight' on the stock, with a target price of SAR 69 per share.