Saudi Cement Co. saw 4Q net profits recover year on year, following the “impairment loss of kilns 4 and 5” at the Hofuf cement plant in 4Q15. Keeping with the trend at Saudi cement producers, however, net profit was down 6.5% on the previous quarter.
Quarterly net profit was SAR187 million – up 6.25% on the impairment-hit 4Q15 results. It was down from SAR200 million on 3Q16, however, due to a fall in sales, an increase in power prices, which raised the cost of production, and an increase in financing charges.
Sales for the quarter were SAR397 million, compared with SAR484 million in the last quarter of 2015, a fall of 18%. Annual sales were SAR1.778 billion, falling 8% from SAR1.932 billion in 2015.
Located in the Eastern Province of Saudi Arabia, Saudi Cement’s plant consists of three operating kiln lines: line 6, which capacity of 4000 tpd of clinker, and the newer lines 7 and 8, with a combined capacity of 24 000 tpd of clinker. This provides an annual capacity of 9.2 million t of clinker – or 9.7 million tpy of cement.
Read the article online at: https://www.worldcement.com/africa-middle-east/17012017/saudi-cement-announces-4q16-results/
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