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Saudi Cement posts 12% decline in 2018 net profit as local sales take hit
Listed company says revenue declined by 5.5% amid sluggish cement market conditions in Saudi Arabia Saudi Cement Company saw a double-digit drop in net profit last year, with sluggish local cement demand pushing the firm into red for the year ending 31 December, 2018. According to the firm s financial results on Saudi bourse Tadawul, profits after zakat and tax stood at $106.8 (SAR400.5m), a 12% decline on 2017 s corresponding figure of $120.9m (SAR453.4m). Revenue for year hit $298.6m (SAR1.12bn), a 5.5% dip on 2017 when the group brought in $314.6m (SAR1.18bn) in cash. A “decrease in local sales”, alongside a rise in selling, distribution, and Islamic financing charges, contributed to net profit declines last year, as outlined in the bourse missive by Saudi Cement Co. The firm s 2018 figures mirror recent research by Saudi-based Al Rajhi Capital, whose latest Saudi Cement Sector report noted a 13% year-on-year decline in local sales volumes of cement in Saudi Arabia during Q3 2018. The group claimed that government-backed megaprojects, including the $500bn (SAR1.9tn) Neom, Qiddiya entertainment city, The Red Sea Project, and social housing schemes would likely create an “incremental demand" for cement only in the long term.
UAECEMENT.COM - Mar ,03 ,2019

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