Shares in Tabuk Cement drop following earnings miss | ZAWYA MENA Edition

Shares in Tabuk Cement drop following earnings miss | ZAWYA MENA Edition:

Shares in Saudi Arabia’s Tabuk Cement fell early on Sunday, as the company announced a drop in earnings for the year 2018.

The company reported a net loss of 32.45 million Saudi riyals ($8.65 million) for the fourth quarter (Q4) of the year 2018, compared to 21.53 million riyals for Q4 2017, missing EFG Hermes’ Q4 2018 estimate of 2 million riyals loss.

“Very disappointing set of results. Although sales volumes recovered modestly Q-o-Q (quarter-on-quarter), they faltered the Y-o-Y (year-on-year) trend of a constant cement demand,” Sameer Kattiparambil, an analyst at EFG Hermes based in Muscat, told Zawya by email.