Business
Riyadh Cement slides after quarterly profit slumps
Riyadh Cement slides after quarterly profit slumps
About this update from Riyadh Cement Co.
Shares of Riyadh Cement TADAWUL:3092 dropped as much as 8.2% to 23.68 riyals, their lowest since August 2024The cement producer’s third-quarter net profit tumbled 84.4% to 14.8 million riyals, while revenue fell 26.7%Co attributed profit slump to reduced average selling prices and increased sales costs driven by higher fuel pricesTwo of three analysts covering the stock rate "hold" while one suggests "buy"; median PT is 33 riyals -LSEGThe stock was the biggest drag on the Saudi benchmark index TADAWUL:TASI, which was up 0.4% in early tradeAs of the last close, Riyadh Cement down 20% YTD, compared with 6.5% drop in the benchmark index