Saudi Cement reports fall in profits in 2016
Published by Jonathan Rowland,
Editor
World Cement,
Saudi Cement has reported a fall in net profits in 2016 from SAR940 million to SAR902 million – or 4.04%.
The company blamed falling sales and increased costs due to rising power prices on the fall. A decrease in other income and an increase in financing charges also hit the company’s bottom line.
Total sales for the year were SAR1.778 billion, down from SAR1.932 billion in 2015 – an 8% fall.
Saudi Arabia’s cement producers faced a challenging market towards the end of last year. Most experienced double-digit falls in net profit, as investment in the country’s construction sector fell on government cutbacks and reduced private sector activity.
Read the article online at: https://www.worldcement.com/africa-middle-east/16022017/saudi-cement-reports-fall-in-profits-in-2016/
You might also like
Anhui Conch Cement and AVIC Intl BJ together with its subsidiary KHD forge strategic partnership to drive decarbonisation in cement manufacturing
Companies will collaborate on international business development efforts.
