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19/04/2016 05:56 AST
Saudi Cement has reported a 12.5 percent drop in its first-quarter net profit, hurt by a decrease in sales and an increase in energy costs.
One of the kingdom's largest cement firms by market value made a net profit in the three months to March 31 of SR265 million ($70.7 million), down from SR303 million in the corresponding period of 2015, according to a bourse filing.
The average forecast of five analysts polled by Reuters was for a quarterly net profit of SR269.9 million.
It didn't elaborate on the reasons for its earnings performance beyond the reference to sales and energy prices.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Construction-related firms have been put under pressure though by a slowdown in the sector, caused by cutbacks in state spending due to lower oil prices.
Saudi Cement also expects the fuel and electricity price hikes announced in the 2016 government budget to increase its production costs by SR68 million riyals this year.
However, Saudi Arabia has lifted a ban on exporting cement, the local Al Riyadh newspaper reported on Apr. 12; a move that would allow companies to export excess supply.
Trade Arabia
14/05/2017
Saudi Cement has registered a 37 per cent drop in its net profit for the first quarter which fell to SR165 million ($44 million) from SR265 million ($70.5 million) last year owing to the drop in sale
Trade Arabia
26/07/2016
Saudi Cement met analysts' estimates as it reported a 2 percent decline in second-quarter net profit on Monday due to a drop in sales and rising power costs.
One of the Kingdom's largest cem
Arab News
25/05/2016
The Board of Directors of Saudi Cement Company has resolved during its meeting held on 24/05/2016 (17/08/1437), to distribute interim dividends to the shareholders for the period first half of 2016 a
Tadawul
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 63.55 | 0.80 (1.27 |
| SABIC | 58.70 | -1.10 (-1.84 |
| SABICAGRINUTRIENTS | 124.20 | 1.70 (1.38 |
| LIMEINDUSTRIES | 12.16 | 0.11 (0.91 |
| YANSAB | 33.06 | -0.84 (-2.48 |
05/11/2025
Burgan Bank KPSC ("Burgan Bank" or "the Bank") announced its financial results for the nine months ended September 30, 2025 (9M 2025). The results indicate continued operational progress and consiste
Kuwait Times
05/11/2025
Elm, a leading digital solutions company, has signed a memorandum of understanding with the Bahrain Electronic Network for Financial Transactions (BENEFIT), the Kingdom's innovator and leading compan
Trade Arabia
05/11/2025
flynas, a low-cost airline in the Middle East, has been awarded the Operational Excellence Award of the 2025 oneDXB Airport Excellence Awards, presented by Dubai Airports, outperforming more than 100
Trade Arabia
05/11/2025
Alpha Dhabi Holding has delivered an excellent set of financial results for the nine-month period ending 30 September 2025, with group revenue rising to AED54.9 billion ($14.95 billion).
Th
Trade Arabia
05/11/2025
Commercial Bank has successfully concluded its nine-month 'Golden Draw' campaign with a grand prize ceremony "celebrating customer loyalty and the power of saving".
The event marked the culm
Gulf Times
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