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Saudi Cement Q2 profits fall

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World Cement,

According to multiple sources, Saudi Cement reported a 2% decline in Q2 net profit on 25 July due to a drop in sales and rising power costs.

Saudi Cement made a net profit in the three months to 30 June of SR249 million (US$66.4 million), down from SR254 million (US$67.7 million) in the same period of 2015.

The company announced that it expects the fuel and electricity price hikes announced in the 2016 government budget to increase its production costs by SR68 million (US$18.1 million) this year.

Construction-related firms have also been put under pressure by a slowdown in the sector, caused by cutbacks in state spending due to lower oil prices.

The company announced on 25 May it would pay a cash dividend of 2.75 riyals a share for the first half of 2016, marginally lower than the 3 riyals per share payout for the same period last year.

Edited from sources by Joseph Green. Sources: Trade Arabia, Saudi Gazette, Reuters

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