Saudi Cement Q4 net profit drops
Published by Joseph Green,
Editor
World Cement,
According to a Reuters report, Saudi Cement announced a 32.8% fall in Q4 net profit, missing estimates as sales fell and it booked impairment for two kilns.
The company posted a net profit of 180 million riyals in the three months to 31 December, down from 268 million riyals in the corresponding period of 2014.
Saudi Cement attributed its net profit drop to lower sales and booking impairment for two kilns at its Hofuf plant.
The company announced in December 2015 that it would book a 66.2 million riyal impairment charge in the fourth quarter after writing off the value of two kilns that will remain out of operation indefinitely at its Hofuf factory.
Edited from source by Joseph Green. Source: Reuters
Read the article online at: https://www.worldcement.com/africa-middle-east/19012016/saudi-cement-q4-net-profit-drops-336/
You might also like
World Cement Podcast
In the latest episode of the World Cement Podcast, Senior Editor David Bizley is joined by Dr Andrew Minson of the GCCA to discuss the ins and outs of the recently launched Low Carbon Ratings (LCR) system.
Responsible Capacity Growth, Powered by Your Data
As demand rises with urbanisation, manufacturers must meet growth targets while advancing 2030 and 2050 decarbonisation goals. AI Optimisation (AIO) technology is empowering teams with AI expertise to transform operations and accelerate their journey toward a smarter, more sustainable future.
