The Bahrain-based TAIB maintained its earlier Neutral recommendation on Saudi Arabian cement producer Yanbu Cement Co (YCC) in its equity research report released on Thursday. It had updated YCC on Sept. 6 with a Neutral recommendation (target price of SR43.72 and an upside of 2.4 per cent).
YCC reported total revenues of SAR683.1m during nine months of this year, down 9.3 per cent from SAR753m.
Net profit fell 17.4 per cent to SAR330.8m from SAR400.5m.
TAIB has maintained its sales estimate for 2010. However, TAIB’s net profit estimate stands 2.7 per cent lower, on anticipation of higher operating costs.
YCC’s revenues for the first nine months fell 9.3 per cent to SAR683.1m from SAR753m, weighed down by a steep fall in average price realized and cement sales.