Now Reading
Saudi Cement Co Q1 Profit Falls 16% As Demand Sags

Saudi Cement Co Q1 Profit Falls 16% As Demand Sags

The firm made a profit of $76.3 million in the three months to March 31.

Saudi Cement Co posted a 16 per cent drop in first-quarter net profit on Monday due to sagging local demand and losses from an associate company.

The firm made a profit of SAR286 million ($76.3 million) in the three months to March 31, down from SAR340 million in the corresponding period of 2013, according to a statement to Saudi Arabia’s bourse.

Six analysts polled by Reuters on average forecast Saudi Cement would make a quarterly profit of SAR278.5 million.

The company blamed the profit drop on falling local cement demand.

Saudi Cement said it also had exposure to an associated company’s loss after the unit took an impairment of some of its assets, but did not provide further details.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top