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.
Read the article online at: https://www.worldcement.com/africa-middle-east/19012016/saudi-cement-q4-net-profit-drops-336/