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Research Firm Maintains Neutral on Qassim Cement
Aljazira Capital for Research has concluded that Qassim Cement Company's second-quarter results came in below expectations due to lower selling prices and increased logistics costs. Its annual profits declined by 15.2% to 51.8 million SAR, which is below the forecast of 66.1 million SAR. Revenues reached 274.6 million SAR, down 6.4% year-over-year, with the average selling price decreasing by 9.8% to 171 SAR per ton. The report indicated that challenges include rising fuel and transportation costs, along with ongoing competitive pressures, although demand remained strong at a good level, with sales increasing by 4%. The company maintained a "Neutral" rating with a target price of 49.9 SAR, while expecting further pressure on the sector due to rising costs and squeezed profit margins.
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