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/