Wednesday 28 September 2022

Saudi Cement ... drop in net profit due to lower local sales

Saudi Cement records 11.8pc fall in Q2 profit

DUBAI, July 13, 2015

Saudi Cement posted a 11.8 per cent fall in second-quarter net profit on Monday, missing analyst forecasts due to lower sales.

The kingdom's largest cement firm by market value said in a bourse filing its net profit for the three months to June 30 was SAR254 million ($67.8 million), compared to SAR288 million ($76.7 million) in the corresponding period of 2014.

Seven analysts polled by Reuters, on average, forecast Saudi Cement would make a net profit of SAR261.4 million ($69.7 million) in the quarter.

It attributed the fall in net profit to lower local sales without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. - Reuters

Tags: Net Profit | Saudi Cement | Q2 |

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