Arabian Cement reports sharp fall in profits
Published by Jonathan Rowland,
Editor
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.
Read the article online at: https://www.worldcement.com/africa-middle-east/17012017/arabian-cement-reports-sharp-fall-in-profits/
You might also like
Ready to revolutionise the cement industry?
Join World Cement in Lisbon, 10 – 13 March 2024, for our first in-person conference and exhibition: EnviroTech.
This exclusive knowledge and networking event will bring together cement producers, industry leaders, technical experts, analysts, and other stakeholders to discuss the latest technologies, processes, and policies being deployed at the forefront of the cement industry’s efforts to reduce its environmental footprint.
NHOA Group commissions 107 MWh energy storage project for Taiwan Cement Group
NHOA Energy’s 107 MWh battery storage is in full operation and, dispatched with 42 MW of waste-heat-recovery systems combined with 8 MWp solar PV of the cement plant, sits at the core of one of the largest industrial microgrids globally.
