GulfBase GCC Cap Indices
Large Cap3,935 -0.19
Med Cap3,933 -0.12
Small Cap5,121 -0.23
Micro Cap8,619 -0.40

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Ticker Price Volume
QNBK 146 157,650
SIPCHEM 16.2 304,961
SABIC 96.25 2,228,858
ALINMATOKIO 17.1 113,058
SAGRINSURANCE 37.7 354,464
RIBL 10.35 526,373
ALMARAI 68.75 77,721

Southern Province Cement

Source: NCB Capital

3Q10 results support Underweight call

Southern Cement announced worse than expected 3Q10 results on 16 October 2010. Net income fell 15% and came in 17% below our estimate. We await the full financials before updating our model, but believe the 3Q10 numbers support our Underweight call on Southern Cement.

• Gross profit –3Q10 came in at SR134mn, declining 14% YoY and 14% below NCBC estimate for 3Q10 at SR155mn. 3Q10 was a decrease of 31% QoQ.

• Operating profit - 3Q10 came in at SR124mn, declining 15% YoY and 15% below NCBC estimate for 3Q10 at SR145mn. 3Q10 was a decrease of 32% QoQ.

• Net profit –3Q10 came in at SR119mn, falling 15% YoY and 17% below NCBC estimate for 3Q10 at SR143mn. 3Q10 was a decrease of 36% QoQ.

• EPS – 3Q10 came in at SR0.85, declining 15% YoY and 17% below NCBC estimate for 3Q10 at SR1.02. 3Q10 was a decline of 36% QoQ.

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