Al Hammadi Company for Development and Investment’s Q4 2018 net profit of SAR 17.7 million missed Al Rajhi Capital’s estimate of SAR 26 million, due to lower-than-expected pharmaceutical revenue, the brokerage said in an earnings review on Sunday.

 

Revenue for the period came in at SAR 228 million, came in lower than the brokerage's estimate of SAR 271 million, due to the implementation of IFRS new standards.

 

"Al Hammadi’s exposure towards the government contracts remains high, which has kept receivables (represents 97 percent of receivables) at the elevated level at the end 2018, prompting the company to raise an additional debt for its liquidity needs during the year," the report noted.

 

Al Rajhi Capital maintained its "neutral" rating on the stock, lowering its target price to SAR 25 a share.

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