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Southern Province Cement

Source: NCB Capital

Results in-line with our Underweight call

Southern Cement announced worse than expected 2Q10 results on 17 July 2010. Net income declined 13% and came in 8% below our estimate with the 1H10 dividend of SR2 per share 20% lower than what we expected. We await the full financials before updating our model, but believe the 2Q10 numbers support our Underweight call on Southern Cement.

• Gross profit –2Q10 came in at SR193mn, declining 10% YoY and 8% below NCBC estimate for 2Q10 at SR209mn. 2Q10 was a decrease of 6% QoQ.

• Operating profit - 2Q10 came in at SR183mn, declining 12% YoY and 9% below NCBC estimate for 2Q10 at SR201mn. 2Q10 was a decrease of 6% QoQ.

• Net profit –2Q10 came in at SR185mn, falling 13% YoY and 8% below NCBC estimate for 2Q10 at SR201mn. 2Q10 was a decrease of 2% QoQ.

• EPS – 2Q10 came in at SR1.32, declining 13% YoY and 8% below NCBC estimate for 2Q10 at SR1.43. 2Q10 was a decline of 2% QoQ.

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