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Arabian Cement reports sharp fall in profits

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World Cement,

Jeddah-based Arabian Cement Co. 4Q profits plummeted in 2016, the company said in an announcement to the Saudi Stock Exchange (Tadawul), on the back of falling sales volumes and prices, coupled by an increase in general and administrative expenses.

Net profit came in at SAR24 million in 4Q16, representing an 84.36% – or SAR129.5 million – fall on the previous year.

Quarter-on-quarter net profit was also down substantially from SAR97.2 million in 3Q16 – a fall of 75.31%.

Sales revenue for the quarter was SAR240.1 million, compared to SAR415 million in 4Q15 – a fall of 42.1%. Sales for the year were SAR1.256 billion , compared to SAR1.642 billion in 2015, a decline of 23.5%.

In addition, the company reported a SAR15 million writedown on an associate company in Jordan, the announcement said.

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