Riyadh – Mubasher: Al Rajhi Capital expected that Arabian Cement would distribute cash dividends for 2017 at SAR 2.75, implying a dividend yield of 7.2% at the current price level.
The company paid SAR 4 per share for 2016 compared to SAR 4.5 per share for 2015.
“Most of the weaknesses are priced in the stock,” Al Rajhi Capital added, maintaining the equal weighted price target (PT) of SAR 36 per share and neutral rating on the stock.
The investment firm noted that the cement company’s profits of SAR 100.7 million for the first quarter of the year beat its estimate of SAR 60 million and the consensus estimate of SAR 62 million.
