Hail Cement 2Q15 net earnings down 28%

Saudi-based Hail Cement reported net earnings of SAR28.6m during the second quarter of 2015, down 38 per cent compared with SAR46m in the comparative period of last year.

Net earnings for the first half of 2015 also slipped 18.44 per cent YoY from SAR81m to SAR66m.

The profit decline was attributed by the company to an increase in direct costs due to a decrease in production volume and an increase in maintenance costs because of shutdown.