Saudi Cement Co reports drop in 4Q profit

Saudi Cement Co reported a 32.8 per cent drop in fourth-quarter net profit on account of lower sales and an impairment charge for two kilns.

In the three months to the 31 December 2015, the cement producer posted a net profit of SAR180m (US$48.03m), down from SAR268m in the corresponding period of 2014, the company said in a bourse filing. The drop was attributed to lower sales, and booking an impairment for two kilns at its Hofuf plant.

The company had said last month it would book a SAR66.2m impairment charge in the fourth quarter after writing off the value of two kilns that will remain out of operation indefinitely at its Hofuf factory.